In April,vandals Completely Destroyed Outdoor Signage Owned by Renfru Inc

question 2

Multiple Choice

In April,vandals completely destroyed outdoor signage owned by Renfru Inc.Renfru's adjusted tax basis in the signage was $31,300.Renfru received a $50,000 reimbursement from its property insurance company,and on August 8,it paid $60,000 to replace the signage.Compute Renfru's recognized gain on loss on the involuntary conversion and its tax basis in the new signage.

• A)No recognized gain or loss; $50,000 basis in the signage
• B)No recognized gain or loss; $60,000 basis in the signage
• C)$18,700 recognized gain; $60,000 basis in the signage
• D)None of the above

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