For each of the following involuntary conversions,determine if the property qualifies as replacement property.
Definitions:
Futures Contract
A legally binding contract to acquire or dispose of a specific item at an agreed-upon price at a future date.
Contract Size
Refers to the deliverable quantity of commodities or financial instruments like futures and options contracts specified in the contract terms.
Acceptable Grade
A term that might refer to a minimum satisfactory academic or performance level, but could require more context to define precisely.
Settlement Price
The official price at the close of a trading session on a futures exchange, used for determining margin requirements and the next day's price limits.
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