An apartment building with an adjusted basis of $500,000 was destroyed by a tornado on April 30,2016.On May 10,2016,the insurance company paid the owner $695,000.The owner reinvested $570,000 in a new apartment complex.What is the basis of the new complex if non-recognition of gain from an involuntary conversion is elected?

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The Answer of An apartment building with an adjusted basis of $500,000 was destroyed by a tornado on April 30,2016.On May 10,2016,the insurance company paid the owner $695,000.The owner reinvested $570,000 in a new apartment complex.What is the basis of the new complex if non-recognition of gain from an involuntary conversion is elected?

An Apartment Building with an Adjusted Basis of $500,000 Was