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    Condemnation gain; time period to identify replacement

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    Brenda investment property was condemned. She purchased the property for $129999, received a net condemnation award of $150000 and purchased replacement property for $200000. What is the amount of gain realized on the condemnation?

    A. 0
    B. $30000
    C. $50000
    D. $80000

    Within what time frame must the replacement property be identified to qualify a transaction as like kind exchange?

    A. 30 days
    B. 45 days
    C. 60 days
    D. 180 days

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    Solution Preview

    For the condemnation award when the property is replaced with one that cost as much or more than the condemned property, there is ...

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    The 86 word solution explains the answer to each of the questions.