Problem 11-62 (LO 11-6) (Static) [The following information applies to the crestions displityed below] Baker...
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Problem 11-62 (LO 11-6) (Static) [The following information applies to the crestions displityed below] Baker Corporation owned a bulliding located in Kansas. Baker used the bulding for its business operations. Last year, a tornado hit the property and completely destroyed it. This year, Blaker received an insurance settlement. Baker had originally purchased the buliding for $350,000 and had claimed a total of $100,000 of depreciation deductions against the property. What are Baker's realized and recognized gain or (poss) on this fransaction and what is its basis in the new billding in the following alternative scenarios? Note: Leave no onswers blank. Enter zero if applienble. Problem 11.62 Part-b (Static) b. Daker recelved $450.000 in insurance proceeds and spent $500.000 rebulding the buliding during the current yeak Answer is complete but not entirely correct
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