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Question 17 NYC Realty acquires a property for $900,000. NYC immediately demolishes the property to make way for a new residential building. The cost of

Question 17

NYC Realty acquires a property for $900,000. NYC immediately demolishes the property to make way for a new residential building. The cost of the demolition is $300,000. What is the new basis of the land?

$1,200,000

$900,000

$300,000

None of the above.

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