Ron's Building,which Was Used in His Business,was Destroyed in a Fire.Ron's

question 1

Multiple Choice

Ron's building,which was used in his business,was destroyed in a fire.Ron's adjusted basis in the building was $210,000,and its FMV was $330,000.Ron filed an insurance claim and was reimbursed $300,000.In that same year,Ron invested $240,000 of the insurance proceeds in another business building.Ron will recognize gain of

• A)$0.
• B)$30,000.
• C)$60,000.
• D)$90,000.

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Definitions:

Declarative

Pertaining to statements or assertions that convey knowledge, facts, or claims.

Procedural

Related to a prescribed or established way of doing something, often referring to methods or processes in legal, policy, or scientific contexts.

Self-schema

A cognitive representation of oneself that organizes and guides the processing of self-related information.

Declarative

Pertaining to knowledge that can be consciously recalled and articulated, such as facts or information.