Asked by Dianna
A barn with an adjusted basis of $125,00 was destroyed by a tornado on March 5, 2013. On may 15, 2013, the insurance company paid the owner $150,000. the owner reinvested $170,000 in another barn. What is the basis of the new barn if non-recognition of gain from an involuntary conversion is elected?
A. $0
B. $120,000
C. $145,000
D. $170,000
Is the answer D?
A. $0
B. $120,000
C. $145,000
D. $170,000
Is the answer D?
Answers
Answered by
Anonymous
answer is A
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