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52. Bill Binkley's office building with a basis of $480,000 is condemned by the statE. The state awards him $600,000 and he then purchases a
52. Bill Binkley's office building with a basis of $480,000 is condemned by the statE. The state awards him $600,000 and he then purchases a new office building for $520,000. What is Bill's basis in the new residence?
a.$520,000;
b.$600,000;
c.$400,000;
d.none of these
e.$480,000;
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