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Lucinda, a calendar year taxpayer, owned a rental property with an adjusted basis of $312,000...

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Accounting

Lucinda, a calendar year taxpayer, owned a rental property with an adjusted basis of $312,000 in a major coastal city. Her property was condemned by the city government on October 12, 2015. In order to build a convention center, Lucinda eventually received qualified replacement property from the city government on March 9, 2016. This new property has a fair market value of $410,000.

What is Lucindas recognized gain or loss on the condemnation? 31

What is her adjusted basis for the new property?

If, instead of receiving qualifying replacement property, Lucinda was paid $410,000, what is the latest date that she can acquire qualifying replacement property?

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