On July 2, 2020, a Tornado Destroyed an Asset Owned

question 39

True/False

On July 2, 2020, a tornado destroyed an asset owned by Leigh Inc., a calendar year taxpayer. Leigh's adjusted tax basis in the asset was $22,700, and the reimbursement from its property insurance company was $35,000. If Leigh wants to defer recognizing its $12,300 realized gain, it must replace the asset no later than December 31, 2021.

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Definitions:

Coaching Behaviors

Actions and strategies employed by a coach to facilitate improvement and development in individuals or teams, focusing on feedback, encouragement, and skill enhancement.

Internal Relations

The internal communications and relationships within an organization, focusing on employee engagement, communication, and morale.

Community Action Team

A group of people who come together to address issues and make improvements within their local community.

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A temporary group of people formed to carry out a specific mission or project, or to solve a problem that requires a multi-disciplinary approach.