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In early 2010, Bela sold her personal residence to Sheneka for $450,000. At the time of the sale, Bela's adjusted basis was $100,000. Within two months of the sale, Bela moved into a new residence she purchased for $700,000. What is Bela's basis in her new residence?

a. $700,000

b. $600,000

c. $350,000

d. $250,000

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Accounting Basics, Accounting

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