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Mia owns a warehouse that has a cost basis of $176,800. The city condemns the warehouse to make room for a new fire station. It
Mia owns a warehouse that has a cost basis of $176,800. The city condemns the warehouse to make room for a new fire station. It pays Mia $884,000 for the property, its agreed-to fair market value. Shortly after the condemnation, Mia purchases another warehouse as a replacement.What is her recognized gain if the new property cost is $618,800?
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