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Kelly exchanges business land with an adjusted basis of $388000 and a fair market value of $696000 for Emmitts office building, worth $696000. Emmitt had

Kelly exchanges business land with an adjusted basis of $388000 and a fair market value of $696000 for Emmitts office building, worth $696000. Emmitt had an adjusted basis of $211000 in the building. What is Kelly's basis in the building?

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