What is the amount of gain realized on the condemnation


Question 1: Brenda investment property was condemned. She purchased the property for $129999, received a net condemnation award of $150000 and purchased replacement property for $200000. What is the amount of gain realized on the condemnation?

A.    0
B.    $30000
C.    $50000
D.    $80000

Question 2: Within what time frame must the replacement property be identified to qualify a transaction as like kind exchange?

A.    30 days
B.    45 days
C.    60 days
D.    180 days

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Finance Basics: What is the amount of gain realized on the condemnation
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