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.
​

• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

---

Definitions:

Selective Listening

Selective listening occurs when an individual pays attention only to information that aligns with their existing beliefs or interests, ignoring or disregarding opposing perspectives.

Listening Problem

Difficulties in accurately receiving and interpreting messages during the communication process.

Weakness

A lack or deficiency in strength, capability, or resilience in a person, system, or organization.

Cross-cultural Communication

The exchange of information and meaning across different cultures and social groups.