1. 6/25/2021 Realize Your Potential: H&R Block $0 Mark for follow up Question 12 of...
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1. 6/25/2021 Realize Your Potential: H&R Block $0 Mark for follow up Question 12 of 15. Mikhail lost his hunting cabin in a flood on May 1 of the current tax year. His adjusted basis in the property was $23,000, and the fair market value of the property was $30,000 when it was destroyed. His insurance company reimbursed him $25,000. On December 2 of the current tax year, he purchased another hunting cabin for $35,000. What is his recognized (taxable) gain? $10,000 $8,000 $7,000 $0 OOOO 1
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