Several years ago,Gordon purchased extra grazing land for his ranch at a cost of $80,000.In 2010,the land is condemned by the state for development as a highway maintenance depot.Under the condemnation award,Gordon receives $200,000 for the land.Within the same year,he replaces the property with other grazing land.What is Gordon's tax situation if the replacement land cost:

Question

Several years ago,Gordon purchased extra grazing land for his ranch at a cost of $80,000.In 2010,the land is condemned by the state for development as a highway maintenance depot.Under the condemnation award,Gordon receives $200,000 for the land.Within the same year,he replaces the property with other grazing land.What is Gordon's tax situation if the replacement land cost:
Several years ago,Gordon purchased extra grazing land for his ranch at a cost of $80,000.In 2010,the land is condemned by the state for development as a highway maintenance depot.Under the condemnation award,Gordon receives $200,000 for the land.Within the same year,he replaces the property with other grazing land.What is Gordon's tax situation if the replacement land cost:

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The Answer of Several years ago,Gordon purchased extra grazing land for his ranch at a cost of $80,000.In 2010,the land is condemned by the state for development as a highway maintenance depot.Under the condemnation award,Gordon receives $200,000 for the land.Within the same year,he replaces the property with other grazing land.What is Gordon's tax situation if the replacement land cost:

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