Jared,a Fiscal Year Taxpayer with a August 31st Year-End,owns an Office

question 244

Multiple Choice

Jared,a fiscal year taxpayer with a August 31st year-end,owns an office building (adjusted basis of $800,000) that was destroyed by fire on December 24,2015.If the insurance settlement was $950,000 (received March 1,2016) ,what is the latest date that Jared can replace the office building in order to qualify for § 1033 nonrecognition of gain?

• A)December 31,2015.
• B)August 31,2016.
• C)December 31,2017.
• D)August 31,2018.
• E)None of the above.

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Definitions:

U.S. Troops

Members of the United States armed forces, including the Army, Navy, Air Force, Marine Corps, and Coast Guard.

Iraq's Economy

The economic framework of Iraq, characterized by its heavy reliance on oil exports, and impacted by political instability, conflict, and external interventions.

Guerilla Fighters

Refers to combatants who use irregular military tactics including ambushes, sabotage, raids, and hit-and-run strategies.

Iranian Mercenaries

Hired soldiers from Iran who engage in military actions for foreign governments or entities, often involved in conflicts that require specialized skills and expertise.