To qualify for nonrecognition treatment,an office building destroyed by fire can be replaced with another office building in a different state.

Name: To qualify for nonrecognition treatment,an office building destroyed by fire can be replaced with another office building in a different state.
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Question

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According to the IRS rules, nonrecognition treatment is available for a property destroyed by fire, and the property can be replaced in a different geographic location or state.

To Qualify for Nonrecognition Treatment,an Office Building Destroyed by Fire