question archive Johnny owned a gas station with adjusted basis of $300000
Johnny owned a gas station with adjusted basis of $300000
Subject:AccountingPrice: Bought3
Johnny owned a gas station with adjusted basis of $300000 . After it was destroyed in a fire , he received $560000 from the insurance company .Within the next year, he bought a new gas station for $500000 . what is johnny's recognized gain and what is the basis in the new building?
