Which of the Following Is/are Correct Regarding Involuntary Conversions

question 112

Multiple Choice

Which of the following is/are correct regarding involuntary conversions?
I.Gains may be deferred if the property involuntarily converted is replaced with property that is similar to or related in service or use to the converted property.
II.Deferral of gains is elective only if direct conversion is made into similar property.
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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:

Cultural Conditions

The environment and circumstances influenced by the beliefs, values, customs, and behaviors of a specific group or society.

Organization Design

The process of structuring an organization’s roles, responsibilities, and systems to effectively achieve its goals and objectives.

Artifacts

Physical objects, symbols, or expressions that represent the culture or values of a society, organization, or group.

Procedures

Established or official ways of doing something, typically involving a series of actions or steps to be followed in a consistent order.