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:

Masculine Culture

refers to a societal or organizational culture that values traditional masculine traits such as assertiveness, competitiveness, and dominance.

Expatriates

Individuals who live outside their native country, often for work reasons, and face unique challenges and opportunities.

Power Distance Cultures

Societies or organizations where there is acceptance of unequal distribution of power, authority, and status, often leading to hierarchical structures.

Cultural Intelligence

The capability to function and manage well in culturally diverse environments.