Brooke Laughton's investment property was condemned. She purchased the property for $215,000. She received a net award o

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Brooke Laughton's investment property was condemned. She purchased the property for $215,000. She received a net award o

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Brooke Laughton's investment property was condemned. Shepurchased the property for $215,000. She received a net award of$295,000 and purchased a replacement property for $365,000. What isthe amount of gain recognized after the replacement property ispurchased? 1. $0 2. $70,000 3. $80,000 4. $150,000
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