G lost his small manufacturing facility to fire during the current year.The building originally cost $35,000 and had been depreciated in the amount of $22,000.His insurance company paid him $42,000 for a total loss, and he had a new building constructed 18 months later at a cost of $40,500.How much gain must G recognize on this casualty?

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The Answer of G lost his small manufacturing facility to fire during the current year.The building originally cost $35,000 and had been depreciated in the amount of $22,000.His insurance company paid him $42,000 for a total loss, and he had a new building constructed 18 months later at a cost of $40,500.How much gain must G recognize on this casualty?

G Lost His Small Manufacturing Facility to Fire During the Current