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The purchase of the rental would not reduce the gain on the sale of the business unfortunately.
Rental is a deduction though once the property is available for rent. The purchase p[rice of the rental is taken a percentage each year and not all in the year of purchase. You are allowed to depreciate the rental over 27.5 years if residential so your purchase price would not be immediately recouped.
A business usually has many assets. When sold, these assets must be classified as capital assets, depreciable property used in the business, real property used in the business, or property held for sale to customers, such as inventory or stock in trade. The gain or loss on each asset is figured separately. The sale of capital assets results in capital gain or loss.
The sale of a trade or business for a lump sum is considered a sale of each individual asset rather than of a single asset. If you sold something with the business that you depreciated then you must reduce your cost for the by the depreciable amount to calculate your gain.
Your tax rate would then be known.