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If he fails to rebuild the home or acquire a replacement

Question - Sid's home was destroyed by fire. He had purchased the home 18 months ago for $950,000. He received $1,300,000 from his insurance company to replace the home. If he fails to rebuild the home or acquire a replacement home in the required time, how much gain must he recognize on this conversion?

a. $350,000

b. $162,500

c. $100,000

d. $0

e. None of the above

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Accounting Basics: If he fails to rebuild the home or acquire a replacement

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