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After a hurricane on May 20,2023, RSD Manufacturing's facility was destroyed. RSD's tax basis in...

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Accounting

After a hurricane on May 20,2023, RSD Manufacturing's facility was destroyed. RSD's tax basis in the facility was $1,020,000. On December 5,2023, RSD receivd $1.25 million from insurance. If RSD built a new facility for $1.35 million on July 3,2024, calculate the recognized gain on this involuntary conversion and the new facility's initial tax basis.
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