Dennis,a Calendar Year Taxpayer,owns a Warehouse (Adjusted Basis of $190,000)which

question 17

True/False

Dennis,a calendar year taxpayer,owns a warehouse (adjusted basis of $190,000)which is destroyed by a tornado in October 2016.He receives insurance proceeds of $250,000 in January 2017.If before 2020,Dennis replaces the warehouse with another warehouse costing at least $250,000,he can elect to postpone the recognition of any realized gain.

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