Jessica’s office building is destroyed by fire on November 15, 2020. The adjusted basis of the building is $430,000. She receives insurance proceeds of $620,000 on December 12, 2020.   Required: Calculate her realized and recognized gain or loss for the replacement property if she acquires an office building in December 2020 for $620,000. Calculate her realized and recognized gain or loss for the replacement property if she acquires an office building in December 2020 for $500,000. What is her basis for the replacement property in parts (a) and in (b)?

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.