Lucinda,a calendar year taxpayer,owned a rental property with an adjusted basis of $215,000 in a major coastal city.When her property was condemned by the city government on November 5,2011,in order to build a convention center,Lucinda eventually received qualified replacement property from the city government on February 5,2012.This new property has a fair market value of $350,000.

Question

Lucinda,a calendar year taxpayer,owned a rental property with an adjusted basis of $215,000 in a major coastal city.When her property was condemned by the city government on November 5,2011,in order to build a convention center,Lucinda eventually received qualified replacement property from the city government on February 5,2012.This new property has a fair market value of $350,000.
Lucinda,a calendar year taxpayer,owned a rental property with an adjusted basis of $215,000 in a major coastal city.When her property was condemned by the city government on November 5,2011,in order to build a convention center,Lucinda eventually received qualified replacement property from the city government on February 5,2012.This new property has a fair market value of $350,000.

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The Answer of Lucinda,a calendar year taxpayer,owned a rental property with an adjusted basis of $215,000 in a major coastal city.When her property was condemned by the city government on November 5,2011,in order to build a convention center,Lucinda eventually received qualified replacement property from the city government on February 5,2012.This new property has a fair market value of $350,000.

Lucinda,a Calendar Year Taxpayer,owned a Rental Property with an Adjusted