Several Years Ago,Logan Purchased Extra Grazing Land for His Ranch

question 88

Essay

Several years ago,Logan purchased extra grazing land for his ranch at a cost of $240,000.In 2016,the land is condemned by the state for development as a highway maintenance depot.Under the condemnation award,Logan receives $600,000 for the land.Within the same year,he replaces the property with other grazing land.What is Logan's tax situation if the replacement land cost:
a.$210,000?
b.$360,000?
c.$630,000?
d.Why?

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Definitions:

Interpersonal Conflict

The process that occurs when one individual or group perceives that another individual or group is negatively affecting something that the first cares about.

Assertiveness

The quality of being self-assured and confident without being aggressive, in the context of communication and interpersonal relations.

Cooperativeness

The willingness to work together with others for a common goal or benefit.

Collaborating Conflict-handling Style

An approach to conflict in which parties involved work together to find a mutually beneficial solution.