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What is alvin''s tax basis in his new building

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Reference no: EM1374198

Alvin owned a building situated in Kansas that he rented to a local business. Last year a tornado hit the property and totally destroyed it. This year, Alvin received an insurance settlement of $450,000. Alvin had initially purchased the building for $350,000 and had claimed a total of $100,000 of depreciation deductions. Alvin built a new building at a cost of $400,000. Find what is Alvin's realized gain on this transaction?

Evaluate what is Alvin's recognized gain (loss) on this transaction?

Find what is Alvin's tax basis in his new building?

 

Reference no: EM1374198

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