Baker corporation owned a building located in kansas. baker used the building for its business operations. last year a tornado hit the property and completely destroyed it. this year, baker received an insurance settlement. baker had originally purchased the building for $350,000 and had claimed a total of $100,000 of depreciation deductions against the property. what is baker’s realized and recognized gain or (loss) on this transaction and what is its basis in the new building in the following alternative scenarios? (leave no answer blank. enter zero if applicable.) a. baker received $450,000 in insurance proceeds and spent $450,000 rebuilding the building during the current year.

Catherine de bourgh has one child, anne, who is 18 years old at the end of the year. anne lived at home for seven months during the year before leaving home to attend state university for the rest of the year. during the year, anne earned $6,000 while working part time. catherine provided 80 percent of anne's support and anne provided the rest. which of the following statements regarding whether anne is catherine's qualifying child for the current year is correct? a. anne is a qualifying child of catherine. b.anne is not a qualifying child of catherine because she fails the gross income test. c.anne is not a qualifying child of catherine because she fails the residence test. d.anne is not a qualifying child of catherine because she fails the support test.