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

question 62

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 the above.

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Definitions:

Surface Area

a measure of the total area that the surface of an object occupies, often relevant in fields like biology, chemistry, and geography.

Karyotype

The array of chromosomes found inside a single cell.

Chromosomes

The structures made of DNA and protein found in the nucleus of cells, containing genes that determine hereditary characteristics.

Amino Acids

Organic compounds that combine to form proteins, serving as the building blocks of life with roles in metabolism and as neurotransmitters.