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

question 90

Multiple Choice

The building used in Manuel's business was condemned by the city of Mobile.Manuel received a condemnation award of $220,000.He paid $800 in lawyer's fees and $600 for an appraisal of the property.Manuel's adjusted basis in the building was $120,000.Manuel reinvests in similar property costing $200,000,and Manuel makes the proper election regarding the property.Manuel's basis in the new building is

• A)$102,400.
• B)$121,400.
• C)$120,000.
• D)$200,000.

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Definitions:

Self-Neglectful

A behavior where an individual fails to attend to their basic needs, such as personal hygiene, proper nutrition, or medical care.

Realistic Positive Characteristics

Traits or features that are positively grounded in reality, contributing to an individual's ability to cope effectively with life's challenges.

Antidepressant Medication

Drugs prescribed to alleviate symptoms of depression by adjusting chemical imbalances in the brain.

Situational Low Self-Esteem

A temporary drop in confidence and self-worth tied to specific circumstances or events, contrasted with chronic low self-esteem.