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To be eligible to elect postponement of gain treatment for an involuntary conversion, what are the three tests for qualifying replacement property?
Farm Output
Farm output refers to the total quantity of agricultural products produced by a farm, including crops, livestock, and dairy products.
Inelastic Nature
A characteristic of a good or service for which the quantity demanded or supplied changes by a smaller percentage than the percentage change in price.
Monopolistic Markets
Markets dominated by a single seller, with no close substitutes for the product or service, leading to less competition and higher prices.
Oligopolistic Markets
Markets characterized by a few large producers that have the ability to influence prices, but must consider the actions of their rivals.
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