Ron's Building,which Was Used in His Business,was Destroyed in a Fire.Ron's

question 1

Multiple Choice

Ron's building,which was used in his business,was destroyed in a fire.Ron's adjusted basis in the building was $210,000,and its FMV was $330,000.Ron filed an insurance claim and was reimbursed $300,000.In that same year,Ron invested $240,000 of the insurance proceeds in another business building.Ron will recognize gain of

• A)$0.
• B)$30,000.
• C)$60,000.
• D)$90,000.

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Definitions:

Lophophore

A unique feeding structure bearing ciliated tentacles, found in certain marine invertebrates such as bryozoans and brachiopods.

Arthropods

A diverse group of invertebrate animals with exoskeletons, segmented bodies, and paired jointed appendages, including insects, arachnids, and crustaceans.

Antheridia

Male reproductive structures in ferns, mosses, and some algae, which produce and release sperm.

Archegonia

Egg-producing structures, as in the moss life cycle.