Theresa owns a yacht that is held for personal use and has, Ask an Expert

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Theresa owns a yacht that is held for personal use and has a $100,000 basis. The yacht is destroyed by a storm and Theresa collects $120,000 from the insurance company.

She purchases a new $150,000 yacht for personal use and elects to defer any gain on the transaction. What is the basis of the new yacht?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92864111

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