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8. Gil's office building (basis of $225,000 and fair market value $300,000) is destroyed by a hurricane. Due to a 30% co-insurance clause, Gil receives

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8. Gil's office building (basis of $225,000 and fair market value $300,000) is destroyed by a hurricane. Due to a 30% co-insurance clause, Gil receives insurance proceeds of $210,000 two months after the date of the loss. One month later, Gil uses the insurance proceeds to purchase a new office building for $325,000. Does Gil have any recognized gain or loss? What is his adjusted basis for the new building

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