Denny's basis in investment-use land was $8000. He received gross condemnation award of$12000. His net condemnation...
Denny's basis in investment-use land was $8000. He
received gross condemnation award of$12000. His net condemnation
award was $11600. He purchased replacement property at a cost of
$12000. What is his basis in replacement property?
A. $3000
B. $8000
C. $8400
D. $11600
Homework Answers
Answer is option C -$8,400
Investment-use land value was $8,000 and recived gross condemnation award of $12,000 and its net condemnation award was $11,600. For the calculation purpose we have to consider net condemnation award only, because net condemnation got by deducting the expenses from the gross condemnation award.
For that gain realised would be $11,600-$8,000= $3,600.
He purchased replacement property at a cost of $12,000.
For the basis in replacement property is $12,000-$3,600= $8,400.
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