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After the Hubble Space Telescope was launched, it was found to suffer seriously from
Involuntary Conversions
Events where property or assets are destroyed, stolen, condemned, or disposed of under the threat of condemnation and the owner is compensated, with potential tax implications.
Amended Tax Return
A tax return filed to correct inaccuracies or add new information to a previously filed return, often resulting in a different tax liability.
Replacement Period
The specified time frame within which property must be replaced to defer recognition of gains for tax purposes.
Recognized Gain
The portion of a capital gain that must be reported as income for tax purposes.
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