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In early 2013, Irma sold her personal residence to David for $300,000. At the time of the sale, Irma’s adjusted basis was $50,000. Within three months of the sale, Irma moved into a new residence she purchased for $800,000. What is Irma’s basis in her new residence?
a.$50,000
b.$250,000
c.$550,000
d.$800,000