Wanda, a calendar year taxpayer, owned a building (adjusted basis of $250,000) in which she operated a bakery that was destroyed by fire in december 2019. she receives insurance proceeds of $290,000 for the building the following march. wanda is considering two options regarding the investment of the insurance proceeds. first, she could purchase a local building (suitable for a bakery) that is for sale for $275,000. second, she could buy a new home for $290,000 and go back to college and finish her degree. a. to minimize her tax liability, which of these alternatives should wanda choose? option 1 results in a recognized gain of $ and option 2 results in a recognized gain $ . therefore, wanda should select . b. what is the latest date on which wanda can replace the involuntarily converted property to qualify for § 1033? c. what is the latest date on which wanda can replace the involuntarily converted property to qualify for § 1033 if the involuntary conversion is a condemnation?

About time delivery co. incurred the following costs related to trucks and vans used in operating its delivery service: classify each of the costs as a capital expenditure or a revenue expenditure. 1. changed the oil and greased the joints of all the trucks and vans. 2. changed the radiator fluid on a truck that had been in service for the past four years. 3. installed a hydraulic lift to a van. 4. installed security systems on four of the newer trucks. 5. overhaul the engine on one of the trucks purchased three years ago. 6. rebuilt the transmission on one of the vans that had been driven 40,000 miles. the van was no longer under warranty. 7. removed a two-way radio from one of the trucks and installed a new radio with a greater range of communication. 8. repaired a flat tire on one of the vans. 9. replaced a truck's suspension system with a new suspension system that allows for the delivery of heavier loads. 10. tinted the back and side windows of one of the vans to discourage theft of contents.

Consider 8.5 percent swiss franc/u. s. dollar dual-currency bonds that pay $666.67 at maturity per sf1,000 of par value. it sells at par. what is the implicit sf/$ exchange rate at maturity? will the investor be better or worse off at maturity if the actual sf/$ exchange rate is sf1.35/$1.00

Lucy is catering an important luncheon and wants to make sure her bisque has the perfect consistency. for her bisque to turn out right, it should have the consistency of a. cold heavy cream. b. warm milk. c. foie gras. d. thick oatmeal.