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Oscar Olson, single, purchased a residence on February 19, 2020, for $166300. On September 7, 2022, a tornado completely destroyed his home. The home was
Oscar Olson, single, purchased a residence on February 19, 2020, for $166300. On September 7, 2022, a tornado completely destroyed his home. The home was insured for its replacement value, and homes in Oscars area had appreciated greatly. He received proceeds of $532200. How much of a replacement residence would have to be purchased in order to exclude or defer all gain realized?
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