Edgar Souris had a commercial office building which he rented to various stores and businesses....
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Edgar Souris had a commercial office building which he rented to various stores and businesses. The property was condemned by the city so that they could put in a new highway. Edgar's office building cost $225,000 15 years ago and he has taken depreciation on it of $75,000. Edgar's received condemnation proceeds from the city of $350,000. In the next year he purchased an apartment building for $300,000.
Edgar has a realized gain on the involuntary conversion of $0 and recognized gain of $0.
Edgar has a realized gain on the involuntary conversion of $200,000 and recognized gain of $50,000.
Edgar has a realized gain on the involuntary conversion of $50,000 and recognized gain of $0.
Edgar has a realized gain on the involuntary conversion of $200,000 and recognized gain of $0.
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