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Williams owned an office building (but not the land) that was destroyed by a fire. The building was insured and Williams has a $156,000 gain

Williams owned an office building (but not the land) that was destroyed by a fire. The building was insured and Williams has a $156,000 gain because his insurance recovery exceeded his adjusted basis for the building. Williams may replace the building. Williams had taken $145,000 of depreciation on the building, has no

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