Arthur Austen's Property Having an Adjusted Basis of $68,000 Is

question 15

Multiple Choice

Arthur Austen's property having an adjusted basis of $68,000 is condemned by the state government. fte authorities replace his property with other qualified property which cost them $100,000. What is Arthur's recognized gain?

• A) $32,000
• B) $0
• C) $68,000
• D) $100,000