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Rodrick's business asset was destroyed by a tornado on March 4, 2018. He purchased it in 2010 for $800,000 and his adjusted basis in the
Rodrick's business asset was destroyed by a tornado on March 4, 2018. He purchased it in 2010 for $800,000 and his adjusted basis in the asset was $420,000 at the time of the tornado.He recieves 1 million dollars from insurance company on may 6,2019. how much does rodrick have to reinvest in qualified replacement property to defer recognition of the $580,000 realized gain? a.$520000 b.$800000 c.$420000 d.$1,000,000
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