roselyn9586 roselyn9586

23-12-2022
Business

Answered

jared, a fiscal year taxpayer with a august 31 year-end, owns an office building (adjusted basis of $800,000) that was destroyed by fire on december 24, 2021. if the insurance settlement was $950,000 (received march 1, 2022), what is the latest date that jared can replace the office building to qualify for nonrecognition of gain under the involuntary conversion rules?

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