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Determine ron basis in the new building

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Question - Ron's building, which was used in his business, was destroyed in a fire. Ron's adjusted basis in the building was $70,000 and its FMV was $110,000. Ron filed an insurance claim and was reimbursed $100,000. In the same year, Ron invested $80,000 of the insurance proceeds in another business building. Ron's basis in the new building is?

Reference no: EM131941952

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