The Deferral of a Gain Realized on an Involuntary Conversion

question 54

True/False

The deferral of a gain realized on an involuntary conversion is mandatory.

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Definitions:

Fiscal Year

A twelve-month period used for accounting and financial reporting purposes, which may or may not align with the calendar year.

Unfunded Mandate

A statute or regulation that requires a state or local government to perform certain actions, with no money provided for fulfilling the requirements.

No Child Left Behind

A U.S. Act of 2001 aimed at closing the achievement gap with accountability, flexibility, and choice, so that no child is left behind in education.

Department of Homeland Security

A federal department in the United States established to ensure the safety and security of the country from terrorist attacks, man-made accidents, and natural disasters.