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Denny's basis in investment-use land was $8000. He received gross condemnation award of$12000. His net condemnation award was $11600. He purchased replacement property at a

Denny's basis in investment-use land was $8000. He received gross condemnation award of$12000. His net condemnation award was $11600. He purchased replacement property at a cost of $12000. What is his basis in replacement property? A. $3000 B. $8000 C. $8400 D. $11600

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