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24. Ts property, with an adjusted basis of $316,600, is condemned by the state. T...

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Accounting

24. Ts property, with an adjusted basis of $316,600, is condemned by the state. T receives property with a fair market value of $364,090 as compensation for the property taken.

a. What is T's realized and recognized gain?

b. What is the basis of the replacement property?

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