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

question 56

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, 2019, 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 2,2020. 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:

Continuum of Care

A comprehensive approach in healthcare that spans a range of services from preventive care to rehabilitation, ensuring patient needs are met over time.

Treatment System

A treatment system refers to the organized network of services and providers that offer and manage healthcare and therapy for specific health issues or disorders.

Intense Treatment

Highly focused or extensive medical or therapeutic care aimed at aggressively addressing a condition or disease.

Drug Laws

Regulations and statutes governing the manufacture, distribution, sale, and use of drugs, both legal and illegal.