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T owned a warehouse with a $300,000 basis. The warehouse is destroyed by fire, and he receives insurance proceeds of $400,000. T purchases a new

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T owned a warehouse with a $300,000 basis. The warehouse is destroyed by fire, and he receives insurance proceeds of $400,000. T purchases a new warehouse for $325,000. What is T's recognized gain? What is T's adjusted busis in the new warehouse? $25,000,$375,000$75,000,$400,000$75,000,$300,000$25,000,$400,000

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