Juan Owned a Small Rental Property,which Was Condemned by the County

question 35

Multiple Choice

Juan owned a small rental property,which was condemned by the county to expand a local park.His adjusted basis in the property was $40,000 and he received a payment of $75,000 from the county.A year later he purchased a similar piece of real estate for $70,000.What is Juan's recognized gain on the involuntary conversion of his rental property?

• A)0
• B)$5,000
• C)$10,000
• D)$30,000
• E)$35,000

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Definitions:

Big Five

A personality model comprising five broad dimensions: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Creativity

The ability to produce original, innovative ideas or solve problems in unique ways.

Extraversion

A personality trait characterized by outgoingness, high energy, and an enjoyment of social interaction.

Prejudice

The display of negative, irrational, and superior opinions and attitudes toward persons who are different from ourselves.