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Bill Binkley's Office Building with a Basis of $480,000 Is

Question 13

Multiple Choice

Bill Binkley's office building with a basis of $480,000 is condemned by the state. fte state awards him $600,000 and he then purchases a new office building for $520,000. What is Bill's recognized gain?


A) $80,000
B) $120,000
C) $40,000
D) $0

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