Which of the Following Statements Is Correct for a §

question 242

Multiple Choice

Which of the following statements is correct for a § 1033 involuntary conversion of an office building which is destroyed by fire?

• A) An election can be made to postpone gain on a § 1033 involuntary conversion only if the proceeds received are reinvested in qualifying property no later than two years after the end of the tax year in which a proceeds inflow is received that is large enough to produce a realized gain.
• B) The postponement of realized gain in a § 1033 involuntary conversion is elective.
• C) The functional use test is satisfied if a business warehouse is replaced with another business warehouse.
• D) The taxpayer use test is satisfied if a shopping mall rented to tenants is replaced with an office building to be rented to tenants.
• E) All of the above are correct.

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Definitions:

Self-Enhancement

The desire to maintain and increase the positivity of the self-concept.

Unrealistically Positive Views

An excessively optimistic outlook or perception of oneself or situations, often ignoring realistic or negative aspects.

Self-Report Measures

Tools or questionnaires used to collect data from individuals about their thoughts, feelings, attitudes, or behaviors by asking them to report on these elements themselves.

Personality

A person’s usual pattern of behavior, feelings, and thoughts across time or across situations.