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Elizabeth Smart's personal residence is condemned as part of the urbanization enlightened project. Her adjusted basis of the residence is $485,000.
Elizabeth Smart’s personal residence is condemned as part of the urbanization enlightened project. Her adjusted basis of the residence is $485,000. She receives condemnation proceeds of $465,000, and invests the proceeds in stocks and bonds.
(a): Calculate Elizabeth’s realized and recognized gain or loss.
(b): If the condemnation proceeds are $510,000, what is Elizabeth’s realized and recognized gain or loss?
(c): What are Elizabeth’s realized and recognized gain or loss in (a) above if the house was a rental property?