Indicate result in a recognized gain or recognized loss


Question: Indicate whether the following scenarios result in a recognized gain, recognized loss (or neither). Group of answer choices William's personal vehicle (adjusted basis of $30,000) is stolen. He receives $25,000 from the insurance company. [ Choose ] William's personal vehicle (adjusted basis of $30,000) is stolen. He receives $35,000 from the insurance company. [ Choose ] Sarah invested $10,000 in Amazon stock 5 years ago. The stock is now worth $50,000. [ Choose ] Harry sells his personal residence where he has lived for the past 10 years (adjusted basis of $350,000) for $300,000. [ Choose ] Harry sells his personal residence where he has lived for the past 10 years (adjusted basis of $350,000) for $400,000. [Choose ] Brad loaned his friend Brian $3,000 2 years ago. Brian declared bankruptcy this year and informed Brad that he wil be unable to pay him back. [ Choose ] Joe's apartment building with a basis of $100,000 and a FMV of $200,000 is condemned by the city who pays Joe $200,000 as compensation. Joe replaces it by buying another rental property for $210,000. [Choose] Joe's rental property with a basis of $200,000 is destroyed by fire. Joe receives

 

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Accounting Basics: Indicate result in a recognized gain or recognized loss
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