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In early 2010, O'Monica sold her personal residence to Jessica for $350,000. At the time of the sale, O'Monica's adjusted basis was $50,000. Within two months of the sale, O'Monica moved into a new residence she purchased for $500,000. What is O'Monica's basis in her new residence?

a. $50,000

b. $200,000

c. $450,000

d. $500,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M971879

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