Section 1033 (Nonrecognition of Gain from an Involuntary Conversion) Applies

question 69

True/False

Section 1033 (nonrecognition of gain from an involuntary conversion) applies to both gains and losses.

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Definitions:

Scope of Employment

A legal concept referring to the range of activities an employee is reasonably expected to engage in as part of their job duties.

Torts

Legal wrongs committed against a person or property, excluding breach of contract, for which a court provides a remedy in the form of an action for damages.

Apparent Authority

The appearance or assumption of authority based on the conduct or statements of the principal, leading third parties to believe an agent has authority to act.

Unidentified Principal

A scenario in contract law where the identity of the principal is unknown to the third party at the time of agreement.