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

question 31

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 these.

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Definitions:

Unmarried Cohabiting Parents

Couples who live together and have a child or children without being legally married.

Stable

Something that is not likely to change, give way, or falter; enduring and consistent.

Sexual Abuse

A form of abuse involving non-consensual sexual activity or coercion.

Inappropriate Touching

Physical contact that is not consented to, socially unacceptable, or considered offensive.