Which of the Following Is/are Correct Regarding the Deferral of Gain

question 80

Multiple Choice

Which of the following is/are correct regarding the deferral of gain attributable to the involuntary conversion of personal property (personalty) ?
I.Gain deferral is mandatory.
II.Replacement property must be acquired within one year of the close of the tax year in which gain is realized from an involuntary property damage conversion.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Obesity

A medical condition characterized by excessive body fat accumulation, increasing the risk of health problems like heart disease, diabetes, and high blood pressure.

Body Fat

The portion of the human body composed of fat tissues, serving as energy storage and insulation.

Eating Disorders

Mental disorders characterized by abnormal or disturbed eating habits, such as anorexia nervosa, bulimia nervosa, and binge-eating disorder.

Media Influence

The effect that various forms of media have on the attitudes, behaviors, and values of individuals and society.