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What are the tax consequences to Howard

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Problem - Howard's roadside vegetable stand (adjusted basis of $275,000) is destroyed by a tractor-trailer accident. He receives insurance proceeds of $240,000 ($300,000 fair market value $ 2 60,000 coinsurance). Howard immediately uses the proceeds plus additional cash of $45,000 to build another roadside vegetable stand at the same location. What are the tax consequences to Howard?

Reference no: EM132659979

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