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?
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
For the condemnation award when the property is replaced with one that cost as much or more than the condemned property, there is ...
The 86 word solution explains the answer to each of the questions.