Alex Owns an Office Building Which the State Condemns on January

question 70

Multiple Choice

Alex owns an office building which the state condemns on January 15,2015.Alex receives the condemnation award on April 1,2015.In order to qualify for nonrecognition of gain on this involuntary conversion,what is the last date for Alex to acquire qualified replacement property?

• A)April 1,2017
• B)April 1,2018
• C)December 31,2017
• D)December 31,2018

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Definitions:

Multiplier

In economics, a factor that quantifies the change in economic output as a result of a change in other economic variables, such as spending or investment.

National Debt

The gross total of financial obligations acquired by a country's governing institution, through assorted methods.

Budget Deficit

The financial situation where a government’s expenditures exceed its revenue.

Balance Budget

A balanced budget occurs when the total revenues equal total expenditures for a government within a specific fiscal period, eliminating deficits.