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Jennifer's office building with a basis of $470,000 is condemned by the state. The state...

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Accounting

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Jennifer's office building with a basis of $470,000 is condemned by the state. The state awards her $500,000 and Jennifer immediately purchases a replacement office building for $510,000. What is Jennifer's basis in the new office building? $520,000 $480,000 $600,000 $540,000

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