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Alex, a commercial fisherman, owns a fishing boat with a $1,600,000 basis. The boat is...

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Accounting

Alex, a commercial fisherman, owns a fishing boat with a $1,600,000 basis. The boat is destroyed in a hurricane, and Alex collects $2,000,000 from the insurance company. He purchases another boat for $1,550,000. What is the amount of the gain recognized on the transaction? $400,000 $50,000 $450,000 $0

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