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What is the recognized gain or loss

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Question - Jaime, a single taxpayer, had his home completely destroyed by flooding in 2019. He purchased the home in 2010 for $175,000 including $50,000 allocated for the land.

1. What is Jaime's loss (assuming he had no insurance)?

2. Assume Jaime had insurance and received $560,000 in insurance proceeds to rebuild his home. What is his realized Section 1033 gain or loss? (Remember exclusions)

3. What is the recognized gain or loss if he elects to build a smaller home and only uses $400,000 of the insurance proceeds to build the replacement home?

Reference no: EM132542503

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