Replacement property

On March 1, 2013, the building in which Mr. T operated his grocery store was completely destroyed by fire. On September 1, 2015, Mr. T settled with his insurance company and received a check for $1 mil. (Mr. T’s adj. basis was $450,000). Assuming Mr. T purchases appropriate replacement property within the statutory time period that cost $895,000, what basis will he assign to the replacement property acquired?

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