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An apartment building with an adjusted basis of $500,000 was destroyed by a tornado on April 30, 2017. On May 10, 2017, the insurance company
An apartment building with an adjusted basis of $500,000 was destroyed by a tornado on April 30, 2017. On May 10, 2017, the insurance company paid the owner $695,000. The owner reinvested $570,000 in a new apartment complex. What is the basis of the new complex if non-recognition of gain from an involuntary conversion is elected? Show Work
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