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What is the taxpayers recognized gain and adjusted basis in

Question - A taxpayer's office building is destroyed in a fire. The adjusted basis in the building is $200,000 and its fair market value is $350,000. The insurance company reimburses the taxpayer $330,000 for its loss, and the taxpayer immediately purchases a new office building for $310,000. What is the taxpayer's recognized gain and adjusted basis in the new office building?

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Accounting Basics: What is the taxpayers recognized gain and adjusted basis in

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