Myrna's Personal Residence (Adjusted Basis of $100,000) Was Condemned, and She

question 62

Multiple Choice

Myrna's personal residence (adjusted basis of $100,000) was condemned, and she received a condemnation award of $80,000. Myrna used the condemnation proceeds to purchase a new residence for $90,000. What is her recognized gain or loss and her basis in the new residence?

• A) $0? $70,000.
• B) $0? $90,000.
• C) ($20,000)? $90,000.
• D) ($20,000)? $70,000.
• E) None of the above.

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Definitions:

Habitually Running

A regular practice of jogging or running, often done for physical fitness, mental clarity, or stress management.

Excessive Drinking

The consumption of alcohol in amounts that are detrimental to physical and mental health.

Emotional Abuse

A form of abuse characterized by a person subjecting or exposing another to behavior that may result in psychological trauma, including anxiety, chronic depression, or post-traumatic stress disorder.

Reluctantly

With hesitation, doubt or dread.