Arthur Austen's property having an adjusted basis of $68,000 is condemned by the state government. fte authorities replace his property with other qualiﬁed property which cost them $100,000. What is Arthur's recognized gain?
A) $32,000
B) $0
C) $68,000
D) $100,000

Question

Quizplus · Accepted Answer

No gain is recognized when condemned property is replaced with other property.

Arthur Austen's Property Having an Adjusted Basis of $68,000 Is