An Office Building with an Adjusted Basis of $320,000 Was

question 51

Multiple Choice

An office building with an adjusted basis of $320,000 was destroyed by fire on December 30, 2018. On January 11,2019, the insurance company paid the owner $450,000. The fair market value of the building was $500,000, but under the co-insurance clause, the insurance company is responsible for only 90 percent of the loss. The owner reinvested $410,000 in a new office building on February 12, 2019, that was smaller than the original office building. What is the recognized gain and the basis of the new building if § 1033 (nonrecognition of gain from an involuntary conversion) is elected?

• A) $0 and $320,000.
• B) $0 and $410,000.
• C) $40,000 and $320,000.
• D) $130,000 and 410,000.
• E) None of the above.

Understand the structure and function of plant vascular tissues.

Describe the processes involved in mineral uptake and water transportation in plants.

Recognize the impacts of environmental factors and human activities on plant physiology and soil health.

Explain the role and mechanism of stomata in gas exchange in plants.

---

Definitions:

Group Polarization

describes the phenomenon where discussions within a group lead to an amplification of the group’s initial attitude, making their final stance more extreme.

Overconfidence Bias

A cognitive bias where an individual's subjective confidence in their judgments is greater than their objective accuracy, leading to overly optimistic assessments and decision-making errors.

Majority Viewpoint

refers to the opinion or belief held by the greater number of individuals within a group or society.

Team Members

Individuals who are part of a team, collaborating and contributing towards achieving common goals or tasks.