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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The Answer of 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.

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