A tornado destroyed a barn on Jim's farm. Jim's adjusted basis in the barn was $25,000 at the time of the storm. He received insurance proceeds of $30,000 which was the fair market value of the barn. How much will Jim need to invest in a new barn in order to defer the $5,000 gain

Helen tells her nephew, bernard, that she will pay him $100 if he will stop smoking for six months. helen was hopeful that if bernard stopped smoking for six months, he would stop altogether. bernard stops smoking for six months but then resumes his smoking. helen will not pay him. she says that the type of promise she made cannot constitute a binding contract and that, furthermore, it was at least implied that he would stop smoking for good. can bernard legally collect $100 from helen