Gavin's rental duplex was condemned. She was notified of condemnation on September 15, 2017. She received her condemnati...
Gavin's rental duplex was condemned. She was notified
of condemnation on September 15, 2017. She received her
condemnation award and transferred the property on February 2,
2018. To postpone any gain on condemnation, when is the end of her
replacement period?
A. 9/14/2020
B. 12/31/2020
C. 1/1/2021
D. 12/31/2021
Homework Answers
A) 9/14/2020
Because it needs to be replaced within 3 years from the beginning of condemnation period.
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Gavin's rental duplex was condemned. She was notified of condemnation on September 15, 2017. She received her condemnati...
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Patrick ho’s invest Question 64 of 75. Patrick Ho's investment property was condemned. He purchased the...
Patrick ho’s invest
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Heidi's adjusted basis in business-use residential property was $70000. She received a gross condemnation award of...
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Tax Drill - Replacement Period Emma's building is destroyed on November 28, 2018. The adjusted basis...
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on April 1, 2017, Cheyenne Company received a condemnation award of $567,600 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway, The land and building cost $79,200 and $369,600, respectively, when they were acquired. At April 1, 2017, the accumulated depreciation relating to the building amounted to $211,200. On August 1, 2017, Cheyenne purchased a piece of replacement property for cash. The new land cost $118,900,...
Exercise 10-25 On April 1, 2017, Sunland Company received a condemnation award of $584,800 cash as...
Exercise 10-25 On April 1, 2017, Sunland Company received a condemnation award of $584,800 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway. The land and building cost $81,600 and $380,800, respectively, when they were acquired. At April 1, 2017, the accumulated depreciation relating to the building amounted to $217,600. On August 1 2017, Sunland purchased a piece of replacement property for cash. The new land...
kimberly originally field her 2017 return on February 19 2018 under ordinary circumstances, what is the...
kimberly originally field her 2017 return on February 19 2018
under ordinary circumstances, what is the last day she can file an
amended 2017 return
Amended Returns Question 9 of 75. Kimberly originally filed her 2017 return on February 19, 2018. Under ordinary circumstances, what is the last day she can file an amended 2017 return? O April 15, 2021 February 19, 2021 O April 15, 2020 April 17, 2018 Mark for follow up Question 10 of 75. Darrell did...
Patrick ho’s invest
Question 64 of 75. Patrick Ho's investment property was condemned. He purchased the property for $210,000. He received a net award of $250,000, and purchased a replacement property for $301,000. What is the amount of gain recognized after the replacement property is purchased? O $0 O $40,000 O $51.000 O $91,000 Mark for follow up Question 65 of 75. Kvra Bernard's basis in investment-use land was $9,000. She received a gross condemnation award of $13,000. Her net...
on April 1, 2017, Cheyenne Company received a condemnation award of $567,600 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway, The land and building cost $79,200 and $369,600, respectively, when they were acquired. At April 1, 2017, the accumulated depreciation relating to the building amounted to $211,200. On August 1, 2017, Cheyenne purchased a piece of replacement property for cash. The new land cost $118,900,...
Exercise 10-25 On April 1, 2017, Sunland Company received a condemnation award of $584,800 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway. The land and building cost $81,600 and $380,800, respectively, when they were acquired. At April 1, 2017, the accumulated depreciation relating to the building amounted to $217,600. On August 1 2017, Sunland purchased a piece of replacement property for cash. The new land...
kimberly originally field her 2017 return on February 19 2018
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Amended Returns Question 9 of 75. Kimberly originally filed her 2017 return on February 19, 2018. Under ordinary circumstances, what is the last day she can file an amended 2017 return? O April 15, 2021 February 19, 2021 O April 15, 2020 April 17, 2018 Mark for follow up Question 10 of 75. Darrell did...
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