Alex Owns an Office Building Which the State Condemns on January

question 94

Multiple Choice

Alex owns an office building which the state condemns on January 15,2014.Alex receives the condemnation award on April 1,2014. In order to qualify for nonrecognition of gain on this involuntary conversion,what is the last date for Alex to acquire qualified replacement property?

• A)January 15,2016
• B)January 15,2017
• C)December 31,2016
• D)December 31,2017

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Definitions:

Physical

Pertaining to or involving the body as opposed to the mind or spirit, or relating to things that can be seen or touched.

Clicks-and-mortar

A business model that combines both online (clicks) and offline (mortar) presences for improved customer experience.

Brick-and-mortar

Refers to businesses that have physical stores as opposed to or in addition to an online presence.

Brick-and-mortar

Refers to physical stores or businesses that have a tangible presence in the form of a building where customers can visit.