QUESTION 1 George has a warehouse building worth 1 million dollars with an adjusted basis of $400,000. He wishes to acquire another warehouse building of similar value in another area where trucks could more easily park and load/unload merchandise. In order to avoid currently recognizing gain on the sale of his warehouse, George should: Sell his building for 1 million now, and immediately use the proceeds to buy a new building. Sell his building now and buy a new like kind building in the next tax year Exchange his building for one of like-kind. Sell his building and put the proceeds in a separate bank account to use the proceeds to purchase a new building in the next tax year.