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

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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?

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

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

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