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

question 104

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, 2017, 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, 2018. 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:

Negative Campaign

A strategy used in politics that focuses on criticizing an opponent's policies, character, or performance rather than promoting one's own.

Incumbent

An individual currently holding a particular position or office.

Tolerance Toward Rapists

The degree to which individuals or societies may show leniency, acceptance, or minimized outrage towards perpetrators of sexual assault, often reflecting deeper issues of gender norms and societal attitudes.

Embedded Violent Sexual Material

Content that incorporates violent and sexual elements in a way that is integrated into the larger context of the content, potentially normalizing such behaviors.