If the Recognized Gain on an Involuntary Conversion Equals the Realized

question 67

True/False

If the recognized gain on an involuntary conversion equals the realized gain because of a reinvestment deficiency, the basis of the replacement property will be more than its cost (cost plus realized gain).

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Definitions:

Actin

A protein that forms the thin filaments in muscle cells and is involved in motion and structure in other cell types.

Pediculosis

An infestation of lice on the human body, characterized by itching and sometimes redness and infection.

Subcutaneous

Referring to something situated or applied under the skin.

Alopecia

A medical condition causing hair to fall out in small patches, which can lead to total hair loss.