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An apartment building with an adjusted basis of $500,000 was destroyed by a tornado on April 30, 2015. On May 10, 2015, the insurance company paid the owner $695,000. The owner reinvested $570,000 in a new apartment complex. What is the basis of the new complex if non-recognition of gain from an involuntary conversion is elected?

$625,000.

$500,000.

$570,000.

$695,000.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91793452

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