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Monty sold his warehouse (adjusted basis $22,400) to a public utility for $24,000 under a threat of condemnation. He paid $200 in legal fees in

Monty sold his warehouse (adjusted basis $22,400) to a public utility for $24,000 under a threat of condemnation. He paid $200 in legal fees in conjunction with the condemnation. What is the minimum amount Monty must spend on qualifying replacement property in order to defer all of his gain from the condemnation

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