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:

Autism Spectrum Disorder

A range of neurodevelopmental conditions characterized by difficulties in social interaction, communication, and restricted, repetitive patterns of behavior or interests.

Concrete Operational

A stage of cognitive development in children, as proposed by Piaget, where they are able to think logically about concrete events.

Autism Spectrum Disorder

A disorder affecting development that manifests as challenges in communicating and interacting socially, along with limited and repetitive ways of thinking and behaving.

Stranger Anxiety

A developmental phenomenon typically occurring around 8 to 12 months of age, where infants show distress or unease in the presence of unfamiliar people.