Which of the Following Satisfy the Time Period Requirement for Postponement

question 77

Multiple Choice

Which of the following satisfy the time period requirement for postponement of gain as a § 1033 (nonrecognition of gain from an involuntary conversion) involuntary conversion?

• A)Al's business warehouse is destroyed by a tornado on October 31, 2019.Al is a calendar year taxpayer.He receives insurance proceeds on December 5, 2019.He reinvests the proceeds in another warehouse to be used in his business on December 29, 2021.
• B)Heather's personal residence is destroyed by fire on October 31, 2019.She is a calendar year taxpayer.She receives insurance proceeds on December 5, 2019.She purchases another principal residence with the proceeds on October 31, 2021.
• C)Mack's office building is condemned by the city as part of a road construction project.The date of the condemnation is October 31, 2019.He is a calendar year taxpayer.He receives condemnation proceeds from the city on that date.He purchases another office building with the proceeds on December 5, 2022.
• D)Shannon's business automobile is destroyed in an accident on October 31, 2019.Shannon is a fiscal year taxpayer with the fiscal year ending on June 30th.She receives insurance proceeds on December 5, 2019.She purchases another business automobile with the proceeds on June 1, 2022.
• E)All of these.

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Definitions:

Emotional Management

The ability to identify, understand, and regulate one’s own emotions and to respond appropriately to the emotions of others.

Playdate

A pre-arranged social meeting set up by parents for their children to play together.

Self-regulation

The ability of an individual to manage their emotions, thoughts, and behaviors in accordance with long-term goals.

Emotional Management

The process of recognizing, controlling, and expressing emotions in a way that is socially acceptable and beneficial to personal well-being.