1. If a taxpayers 2018 individual income tax return was filed on March 3, 2019,...
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Accounting
1. If a taxpayers 2018 individual income tax return was filed on March 3, 2019, the statute of limitations would normally run out on:
a. April 15, 2021
b. March 3, 2020
c. April 15, 2022
d. March 3, 2022
e. None of the above
21. Oscar owns a building that is destroyed in a hurricane. His adjusted basis in the building before the hurricane is $130,000. His insurance company pays him $140,000 and he immediately invests in a new building at a cost of $142,000. What is the amount of recognized gain or loss on the destruction of Oscars building?
a. $0
b. $10,000 gain
c. $8,000 gain
d. $12,000 gain
e. $2,000 loss
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