alvin owned a building situated in kansas that he, Taxation

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alvin owned a building situated in kansas that he

Alvin owned a building situated in Kansas that he rented to a local business. Last year a tornado hit the property and totally destroyed it. This year, Alvin received an insurance settlement of $450,000. Alvin had initially purchased the building for $350,000 and had claimed a total of $100,000 of depreciation deductions. Alvin built a new building at a cost of $400,000. Find what is Alvin's realized gain on this transaction?

Evaluate what is Alvin's recognized gain (loss) on this transaction?

Find what is Alvin's tax basis in his new building?

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