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Johns uncle died 3 years ago and his will left John his home. The house and land were worth $110,000 on the day the Uncle
Johns uncle died 3 years ago and his will left John his home. The house and land were worth $110,000 on the day the Uncle died and he had paid $40,000 for the property 30 years ago. John sold the property last month for $120,000. What is John's tax basis for the property?
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