Sidney, a Calendar Year Taxpayer, Owns a Building (Adjusted Basis

question 68

True/False

Sidney, a calendar year taxpayer, owns a building (adjusted basis $450,000) in Columbus, OH, in which he conducts his retail computer sales business. The building is destroyed by fire on December 12, 2018, 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 2,2019. 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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Constructive Relationship

A relationship characterized by positive support, mutual respect, and beneficial interactions for personal growth or organizational goals.

Subordinate

A person who is under the authority or control of another within an organization or hierarchy.

Nonverbal Communication

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