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1) Bob's building was taken over by the state and destroyed so that a new football stadium could be built. Bob's basis in his building was $400,000. The state paid him $1,250,000 for the building. Bob bought a new building within one year for $900,000. How much taxable income will Bob recognize on the taking of his building if he elects to have Sec. 1033 apply.

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Category:- Accounting Basics
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