Business, 21.01.2021 22:50 dixonmckenzie4636

Mia owns a warehouse that has a cost basis to her of $80,000. The city condemns the warehouse to make room for a new fire station. It pays Mia $400,000 for the property, its agreed-to fair market value. Shortly after the condemnation, Mia purchases another warehouse as a replacement. What is her recognized gain if the new property costs?a. $280,000?b. $444,000?c. $80,000?d. Explain the justification for deferring the recognition of gain on the involuntary conversion.

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Mia owns a warehouse that has a cost basis to her of $80,000. The city condemns the warehouse to mak...