The Building Used in Manuel's Business Was Condemned by the City

question 90

Multiple Choice

The building used in Manuel's business was condemned by the city of Mobile.Manuel received a condemnation award of $220,000.He paid $800 in lawyer's fees and $600 for an appraisal of the property.Manuel's adjusted basis in the building was $120,000.Manuel reinvests in similar property costing $200,000,and Manuel makes the proper election regarding the property.Manuel's basis in the new building is

• A)$102,400.
• B)$121,400.
• C)$120,000.
• D)$200,000.

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Definitions:

In-Person Channel

A method of communication or interaction that occurs when individuals are physically present in the same location.

Nonverbal Communication

Involves the transmission of messages or information through means other than spoken words, such as body language, gestures, and facial expressions.

Written Business Communication

The process of exchanging information and ideas in a business setting through written documents, such as emails, reports, and memos.

Letters

Brief written messages sent to customers and other recipients outside an organization.