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NYC Realty acquires a property for $800,000. NYC immediately demolishes the property to make way for a new residential building. The cost of demolition is

NYC Realty acquires a property for $800,000. NYC immediately demolishes the property to make way for a new residential building. The cost of demolition is $200,000. What is the basis of the land?

$200,000

$1,000,000

$800,000

None of the above.

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