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Heidi's adjusted basis in business-use residential property was $70000. She received a gross condemnation award of $75000. Her net $73500. She purchased replacement property at
Heidi's adjusted basis in business-use residential property was $70000. She received a gross condemnation award of $75000. Her net $73500. She purchased replacement property at a cost of $74000. What is her basis in replacement property? A. $70000 B. $70500 C. $73500 D. $75000
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