Problem:
Mary's property, which cost $100,000 and has an adjusted basis of $80,000, is condemned by the state for a new highway. As compensation, Mary receives a new property with a fair market value of $110,000. What is Mary's realized and recognized gain? Group of answer choices Realized $10,000 Recognized $10,000 Realized $30,000 Recognized $10,000 Realized $20,000 Recognized $10,000 Realized $30,000 Recognized $0