An office building with an adjusted basis of $320,000 was destroyed by fire on december 30, 2013. on january 11, 2014, the insurance company paid the owner $450,000. the fair market value of the building was $500,000, but under the co-insurance clause, the insurance company is responsible for only 90 percent of the loss. the owner reinvested $410,000 in a new office building on july 12, 2015, that was smaller than the original office building. the owner is a calendar year taxpayer.

i) what is the taxpayer’s recognized gain or loss?
ii) what is the taxpayer’s basis for the new office building?
iii) what is the latest date that the owner can reinvest the proceeds and qualify for deferral treatment?

Acontractor was awarded a purchase order for commercial items for $1.5 million under the authority of far subpart 13.5. the purchase order was issued in november 2010 and containedall applicable clauses that were current as of the date of the purchase order. under the purchase order, the contractor is required to comply with a small business subcontracting plan that contains all of the required elements. which of the following is true? a.the contractor must submit a standard form 294, subcontracting report for individual contracts. b.the contractor must submit an individual subcontracting report through the electronic subcontracting reporting system (esrs). c.the contractor may submit either an sf 294 or report its subcontracting through esrs. d.the contractor is not required to submit any subcontracting reports.

How does the federal reserve stabilize and safeguard the nation’s economy? (select all that apply.) it distributes currency and oversees fiscal conditions. it implements american monetary policy. it regulates banks and defends consumer credit rights. it regulates and oversees the nasdaq stock exchange.

When a market is in equilibrium, the buyers are those with the willingness to pay and the sellers are those with the costs.