Question 1: Brenda investment property was condemned. She purchased the property for $129999, received a net condemnation award of $150000 and purchased replacement property for $200000. What is the amount of gain realized on the condemnation?
A. 0
B. $30000
C. $50000
D. $80000
Question 2: Within what time frame must the replacement property be identified to qualify a transaction as like kind exchange?
A. 30 days
B. 45 days
C. 60 days
D. 180 days