Johnny Owned a Gas Station with an Adjusted Basis of $300,000.After

question 28

Multiple Choice

Johnny owned a gas station with an adjusted basis of $300,000.After it was destroyed in a fire,he received $600,000 from the insurance company.Within the next year,he bought a new gas station for $480,000.What is Johnny's taxable gain and what is the basis in the new building?

• A)$120,000;$300,000
• B)$180,000;$300,000
• C)$120,000;$480,000
• D)$120,000;$600,000
• E)$180,000;$480,000

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Definitions:

Nonmalficence

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Ethical Principle

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