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Michael owned a factory which was damaged by a flood on January 5, 2018. On January 7, 2019, he received insurance proceeds of $310,000.00. The

Michael owned a factory which was damaged by a flood on January 5, 2018. On January 7, 2019, he received insurance proceeds of $310,000.00. The adjusted basis of the clothing store was $200,000.00. He purchased another factory on May 20, 2020 for $280,000.00.

What is Michaels basis in the factory purchased?

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