Mrs. Wyatt owns a building used to run her business. Mrs. Wyatt sells the building...
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Mrs. Wyatt owns a building used to run her business. Mrs. Wyatt sells the building for $500,000. The building had a basis of $250,000. Within 2 weeks, Mrs. Wyatt uses the cash from the sale of her building to purchase a new building for $400,000. This building will also be used for her business. (1) What options are available to Mrs. Wyatt? She can (2) If Mrs. Wyatt desires to maximize the amount of gain she defers, which of the options is best for her? (3) Based on (2) above, how much gain would Mrs. Wytt recognize this year and how much gain would she defer
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