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Business, 15.08.2020 20:01 61497

Bender Corporation's warehouse was destroyed by a tornado. The fair market value of the warehouse at the time of the tornado was $500,000 and its adjusted basis was $350,000. Bender received $425,000 in insurance proceeds, used $400,000 to buy a replacement warehouse, and used the other $25,000 for business expenses. Assuming Bender take advantage of any available deferral provisions, what is Bender's taxable gain in the current year related to the warehouse?

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Bender Corporation's warehouse was destroyed by a tornado. The fair market value of the warehouse at...
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