Carrie Owns a Business Building with an Adjusted Basis of $95,000

question 22

Multiple Choice

Carrie owns a business building with an adjusted basis of $95,000 and an appraised fair market value of $98,000. The city of Millerville condemns the property for a new highway. The condemnation award is $98,000. Carrie invests $90,000 of the proceeds into a new building on the other side of the city. What is the gain or loss that Carrie must recognize due to the transactions?

• A)No gain or loss
• B)$3,000 gain
• C)$3,000 loss
• D)$8,000 gain
• E)$5,000 loss

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Definitions:

Union Tactics

Diverse strategies and actions utilized by labor unions to further their objectives and protect member interests.

Union Organizing Campaign

A coordinated effort by a labor union to encourage workers at a particular workplace to join and form a new union chapter or local.

NLRA Union Certification Process

The procedure overseen by the National Labor Relations Board (NLRB) through which a union is officially recognized as a bargaining representative for a group of employees.

Associated

Connected or linked with something else, typically indicating a relationship or affiliation between entities or concepts.