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5. Bob owns a building that was taken away from him by New York State. His basis in the building was $150,000 and he received
5. Bob owns a building that was taken away from him by New York State. His basis in the building was $150,000 and he received $750,000 from the State. He bought a new building, later that year for $1,000,000. How much gain, if any, does Bob have to recognize for tax purposes?
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