On July 2, 2015, a Tornado Destroyed an Asset Owned

question 41

True/False

On July 2, 2015, 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, 2016.

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Definitions:

Research Strategy

A plan that guides the direction, methodology, and analysis of data collection for a research project.

Treatment Approach

A method or strategy used in therapy or medicine to address and manage a particular problem or condition.

Symptom Checklist-90-Revised

The Symptom Checklist-90-Revised (SCL-90-R) is a psychological assessment tool that evaluates a broad range of psychological problems and symptoms of psychopathology.

End Result

The final outcome or conclusion of a process, activity, or series of events.