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Real Property Where Paul Peterson's Warehouse Is Located Is Condemned

question 72

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Real property where Paul Peterson's warehouse is located is condemned by the state government on November 23, 2012. Paul's adjusted basis in the warehouse is $420,000. He receives its $1 million condemnation award from the state on March 5, 2013. What is the latest date that Paul can purchase qualified replacement property and be able to defer the entire $580,000 realized gain from the condemnation?


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