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Antonio owns land held for investment with a basis of $28,000. The city of Lafayette exercises the right of eminent domain and Antonio receives a payment of $48,000. What is Antonio's realized gain?

Respuesta :

micahdavid126

Answer:

$20,000

Explanation:

$48,000 - $28,000= $20,000

jepessoa

Answer:

B) $20,000

Explanation:

Antonio's realized gain = payment received - land basis = $48,000 - $28,000 = $20,000

When a city government exercises the right of eminent domain it will take possession of private property. The Fifth Amendment authorizes this practice only if the owner is given a just compensation for their loss.

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