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

question 45

Multiple Choice

Which of the following is/are correct regarding the deferral of gain attributable to the involuntary conversion of personal property (personality) ?
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:

Sensory Information

Data received by the senses (sight, hearing, touch, taste, and smell) that is then processed by the brain.

Brain Organizes

The process by which the brain structures and arranges information and sensory inputs to make sense of the world.

Sensory Nerves

Nerves that transmit sensory information from the body's periphery towards the central nervous system, allowing for the perception of stimuli.

Sense Receptors

Specialized cells or organs in the body that respond to external stimuli, such as light, sound, or touch, and transmit signals to the brain.