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(4). Andrew's property, with an adjusted basis of $130,000, is condemned by the state. Andrew receives property with a fair market value of $150,000 as
(4). Andrew's property, with an adjusted basis of $130,000, is condemned by the state. Andrew receives property with a fair market value of $150,000 as compensation for the property taken. Andrew's basis in the new property is $150,000.
True
False
(5.) If a stock increases in value during the tax year by $5,000, the realized gain is $5,000.
True
False
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