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I was confused when you mentioned IMMINENT domain. I am not still clear as to what happened. Did the state purchase the property and did your client receive the money and property title was changed to the State? What happened next? ============================== ...

Thank you all for the prompt and quick replies. I am so excited about this forum where we can discuss matters amongst CPAs. I appreciate each of the advices and all of yours time. ------------------------------ Ankita Jain CPA Leander TX ----------- ...

Is all revenue taxable? While all revenue is reportable, the basis of the asset sold determines taxable liability.  I recall that calculating the taxable gain begins by assessing the asset's basis. I don't recall an IRB that suggests otherwise.  I'd ...