Business, 24.05.2021 14:00 jaygamer37
Albert owns 100 acres of land on which he grows spruce trees. His adjusted basis for the land is $89,600. He receives condemnation proceeds of $8,960 when the city's new beltway takes 5 acres along the eastern boundary of his property. He also receives a severance award of $5,376 associated with the possible harmful effects of exhaust fumes on his trees. Albert invests the $14,336 in a growth mutual fund.
Required:
a. Determine the tax consequences to Albert of the condemnation proceeds.
b. Determine the tax consequences to Albert of the severance award.
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Albert owns 100 acres of land on which he grows spruce trees. His adjusted basis for the land is $89...
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