Short Answer
A warehouse with an adjusted basis of $125,000 was destroyed by a tornado on April 15, 2016. On June 15, 2016, the insurance company paid the owner $195,000. The owner reinvested $170,000 in a warehouse. What is the basis of the new warehouse if non-recognition of gain from an involuntary conversion is elected?
Correct Answer:
Verified
Correct Answer:
Verified
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