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What is the basis of the replacement property

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Reference no: EM132659769

Problem - Camilo's property, with an adjusted basis of $155,000, is condemned by the state. Camilo receives property with a fair market value of $180,000 as compensation for the property taken.

Required -

a. What is Camilo's realized and recognized gain?

b. What is the basis of the replacement property?

Reference no: EM132659769

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