If There Is an Involuntary Conversion (I

question 25

True/False

If there is an involuntary conversion (i.e., casualty, theft, or condemnation) of the taxpayer's principal residence, the realized gain may be postponed as a § 1033 involuntary conversion or excluded as a § 121 sale of a principal residence.

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Definitions:

Covertly

In a hidden or concealed manner; done secretly or without open acknowledgment.

Descriptive

Related to describing or giving an account of something in words, including detailed information or characteristics.

Inferences

The act of drawing conclusions from data or evidence.