Vector Inc

question 59

True/False

Vector Inc.'s office building burned down on October 31,2017.Vector,a calendar-year taxpayer,finally settles with the insurance company on February 3,2018.In order to defer the gain realized on the building,Vector must acquire another office building by February 3,2020.

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Definitions:

Unconditional Promise

A commitment made without any stipulations or requirements for its fulfillment.

Relative Permanence

The quality of a negotiable instrument that ensures its longevity.

Signature

A person's handwritten mark or its digital equivalent used to signify agreement, consent, or identification.

Movability

The quality of a negotiable instrument that ensures it is mobile and available.