Question: Sanjay owned a painting ( FMV $ 2 5 , 0 0 0 , basis $ 1 2 , 0 0 0 ) that was

Sanjay owned a painting (FMV $25,000, basis $12,000) that was stolen and never recovered. His insurance reimbursed him $24,000 for the loss. How much must Sanjay spend on replacement property in order to postpone the entire gain?

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