Answer:
a.Realised Loss of Yanci's Personal Residence is $20,000 . Recognised Loss is Zero
b. Recognised Gain= $25.000
c. the realised gain will be $460.000
Step-by-step explanation:
A. Realised Gain= Condemnation Proceeds-Adjsuted basis
= $460000-$480000
($20000)
Realised Loss of Yanci's Personal Residence is $20,000 . Recognised Loss is Zero
B. Realised Gain in case Condemnation proceeds are $505.000
Realised Gain= $505.000-$480.000
=$25,000
Recognised Gain= $25.000
C. If the House is rental property then the realised gain will be $460.000