Edith's warehouse (adjusted basis of $450,000) is destroyed by a hurricane in October 2014. Edith, a calendar year taxpayer, receives
a. Acquires a new warehouse for $550,000 in January 2015.
b. Acquires a new warehouse for $500,000 in January 2015.
c. Does not acquire replacement property.
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Question Posted: May 25, 2015 06:25:02