A Fire Destroys David's Business Building That Cost $200,000 in 2005

question 38

Essay

A fire destroys David's business building that cost $200,000 in 2005 and had an adjusted basis of $160,000. David's insurance company reimburses him $250,000 for his loss. David promptly reconstructs the building for $230,000.
a.What is the amount and the character of David's minimum recognized gain (loss)?
b.What is the basis of David's new building?

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Definitions:

Mothers

Female parents who play crucial roles in the nurturing, raising, and emotional support of their children.

Traumatic

Pertaining to or causing trauma; an experience that is emotionally distressing or shocking and can result in lasting psychological impact.

Middle-Aged

Refers to a period in a person's life, often considered to be from about 45 to 65 years of age.

Divorce

The formal termination of a marriage by a court or authorized entity.