Sidney,a Calendar Year Taxpayer,owns a Building in Columbus,OH,in Which He

question 141

True/False

Sidney,a calendar year taxpayer,owns a building in Columbus,OH,in which he conducts his retail computer sales business.The building is destroyed by fire on December 12,2013,and two weeks later he receives insurance proceeds of $600,000.Due to family ties,Sidney decides to move to Columbia,SC.He reinvests all of the insurance proceeds in a building in Columbia where he opens a retail computer sales business on April 2,2014.By electing § 1033,Sidney has no recognized gain and a basis in the new building of $450,000 ($600,000 cost - $150,000 postponed gain).

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Definitions:

Nutrients

Substances obtained from food that are essential for the growth, repair, and maintenance of a healthy body, including vitamins, minerals, proteins, fats, and carbohydrates.

Food Deprivation

The condition of having insufficient food to meet basic nutritional needs, leading to hunger or starvation.

Salivary Glands

Glands that furnish moisture that helps in tasting and digesting food.

Moisture

The presence of a liquid, usually water, often in trace amounts, within a substance, material, or environment.