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:

Morphogen

A substance that governs the pattern of tissue development in the process of morphogenesis, influencing the fate of cells based on its concentration.

Differentiation

The process by which cells or tissues undergo a change toward a more specialized form or function, often in the context of development.

Apoptosis

Programmed cell death, a process by which cells systematically dismantle themselves in response to specific signals.

Normal Development

The process by which an organism grows and develops in a manner considered typical for its species, following a standard sequence of stages.