Several years ago,Ted purchased extra grazing land for his ranch at a cost of $40,000.In 2011,the land is condemned by the state for development as a highway maintenance depot.Under the condemnation award,Ted receives $100,000 for the land.Within the same year,he replaces the property with other grazing land.What is Ted's tax situation if the replacement land cost:

Question

Several years ago,Ted purchased extra grazing land for his ranch at a cost of $40,000.In 2011,the land is condemned by the state for development as a highway maintenance depot.Under the condemnation award,Ted receives $100,000 for the land.Within the same year,he replaces the property with other grazing land.What is Ted's tax situation if the replacement land cost:
Several years ago,Ted purchased extra grazing land for his ranch at a cost of $40,000.In 2011,the land is condemned by the state for development as a highway maintenance depot.Under the condemnation award,Ted receives $100,000 for the land.Within the same year,he replaces the property with other grazing land.What is Ted's tax situation if the replacement land cost:

Quizplus · Accepted Answer

The Answer of Several years ago,Ted purchased extra grazing land for his ranch at a cost of $40,000.In 2011,the land is condemned by the state for development as a highway maintenance depot.Under the condemnation award,Ted receives $100,000 for the land.Within the same year,he replaces the property with other grazing land.What is Ted's tax situation if the replacement land cost:

Several Years Ago,Ted Purchased Extra Grazing Land for His Ranch