_____ 13.To defer gain recognition on an involuntary conversion,qualifying property must be obtained within a specified time period.

Question

Quizplus · Accepted Answer

This is true. In order to defer gain recognition on an involuntary conversion (such as due to theft or destruction), the taxpayer must obtain qualifying property within a specific time period. This is known as the replacement period, which is generally two years for real property and two or three years for personal property depending on the circumstances of the conversion.

_____ 13To Defer Gain Recognition on an Involuntary Conversion,qualifying Property Must