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Taxpayer owns land that was condemned by eminent domain by the government in 2019. Taxpayer paid $1,000,000.00 for this land in 2010. The government paid
Taxpayer owns land that was condemned by eminent domain by the government in 2019. Taxpayer paid $1,000,000.00 for this land in 2010. The government paid for the land at its fair value of $1,000,000.00 in 2019. Taxpayer acquired replacement land at a cost of $900,000.00 in 2019. How much gain did Taxpayer realize in 2019? A. $200,000.00 B. $1,000,000.00 C. None of the other choices are correct. D. $300,000.00 E. $100,000.00
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