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FKUDLBI’D Ernie owns a warehouse that is destroyed by fire on March 21, 2014. The warehouse, which had
an adjusted basis of $50,000 at the time of the fire, was insured at its fair market value of $120,000. Ernie
collects the $120,000 insurance on May 11, 2014. a. What is the latest date that qualifying replac… Show more
Please answer each part of the problem, a, b, and c. Please include an explanation with the answer. Thank you
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