Tax situation for replacement land cost

Reference no: EM13153402

Several years ago, Gordon purchased extra grazing land for his ranch at a cost of $80,000. In 2010, the land is condemned by the state for development as a highway maintenance depot. Under the condemnation award, Gordon receives $200,000 for the land. Within the same year, he replaces the property with other grazing land. What is Gordon's tax situation if the replacement land cost:

a) $70,000?

b) $120,000?

c) $210,000?

d) Why?

Reference no: EM13153402

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