The state paid him 260000 and he bought similar replacement, Accounting Basics

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The state paid him 260000 and he bought similar replacement

Problem

The state condemned one of Frank's rental buildings. It had a tax basis of 200,000 but was worth 250,000. The state paid him 260,000 and he bought similar replacement property for 220,000. What was Frank's taxable gain assuming Sec 1033 was elected?

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Accounting Basics: The state paid him 260000 and he bought similar replacement

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Accounting Basics: The state paid him 260000 and he bought similar replacement

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