The Building Used in Tim's Business Was Condemned by the City

question 33

Multiple Choice

The building used in Tim's business was condemned by the city of Lafayette.Tim received a condemnation award of $125,000.He paid $1,200 in lawyer's fees and $800 for an appraisal of the property.Tim's adjusted basis in the building was $60,000.Tim reinvests in similar property costing $110,000,and Tim makes the proper election regarding the property.What is the amount of Tim's realized (not recognized) gain on the condemnation?

• A)$0
• B)$50,000
• C)$63,000
• D)$65,000

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Definitions:

PivotChart

A PivotChart is a graphical representation of data that can be dynamically adjusted or pivoted, typically used in spreadsheet applications to analyze complex data.

Chart Type

Refers to the variety of ways data can be visually represented in a chart, such as bar, line, pie, etc.

Store Details

Refers to specific information or data kept about an establishment such as location, size, type, and services offered.

Rows Area

In spreadsheet applications, the part of the sheet that is identified by horizontal lines numbered sequentially to organize data.