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Leonard Longstreet owns a rental building with an adjusted basis of $300,000 and a fair...

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Accounting

Leonard Longstreet owns a rental building with an adjusted basis of $300,000 and a fair market value of $280,000. In July 2018, the state condemned the property for a highway project and paid him $280,000, which he immediately reinvested in a similar rental property. Leonard may recognize a loss.

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