Camilo's property, with an adjusted basis of $302,200, is condemned by the state. Camilo receives property with a fair market value of $347,530 as compensation for the property taken.

a. What is Camilo’s realized and recognized gain?
b. What is the basis of the replacement property

a. Realized gain = $45,330

Recognized gain = $0

b. $302,200

Explanation:

a. The realized gain is the increase in Camilo's economic position, that is, the difference between the fair market value of both properties. The recognized gain is the taxable gain, which is zero in this situation, since the new property is a compensation.

b. Since there is no recognized gain, the new property must have the same basis as the previous condemned property, which is $302,200.

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