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Alex Owns an Office Building Which the State Condemns on January

question 13

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Alex owns an office building which the state condemns on January 15,2019.Alex receives the condemnation award on April 1,2019.In order to qualify for nonrecognition of gain on this involuntary conversion,what is the last date for Alex to acquire qualified replacement property?


Definitions:

Absolute Advantage

The ability of a country, region, or entity to produce a good or service more efficiently than its competitors, using fewer resources.

Produce

Refers to agricultural products and other raw goods that are grown or harvested.

Bushel

A unit of volume that is used in the United States for measuring agricultural commodities, such as grains and fruits.

Corn

A large grain plant whose kernels are used as a staple food, feed for livestock, and raw material in industry.

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