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Business, 28.11.2019 01:31 rvkanneh1713

Howard’s roadside vegetable stand (adjusted basis of $275,000) is destroyed by a tractor-trailer accident. he receives insurance proceeds of $240,000 ($300,000 fair market value − $60,000 coinsurance). howard immediately uses the proceeds plus additional cash of $45,000 to build another roadside vegetable stand at the same location. what are the tax consequences to howard?

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