Stephanie's building, which was used in her business, was destroyed in a fire. Stephanie's adjusted basis in the building was $1
75,000, and its FMV was $210,000. Stephanie filed an insurance claim and was reimbursed $200,000. In that same year, Stephanie invested $180,000 of the insurance proceeds in another business building. Assuming the proper election is made to defer gain, Stephanie's basis in the new building will be
1 answer:
You might be interested in
Answer:
Here the answer is given as follows,
