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A 1031 property with an adjusted basis of $500,000 is sold for $800,000 cash. No debt exists for either the property being sold nor its

A 1031 property with an adjusted basis of $500,000 is sold for $800,000 cash. No debt exists for either the property being sold nor its replacement. The replacement property is purchased 15 (fifteen) months later for $1,000,000. What is the adjusted basis of the newly purchased property?

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