Each of the following is true of deferral of gain attributable to the involuntary conversion of personal property with the exception of
A) gain deferral is elective, except for direct conversions.
B) the replacement property may be acquired by gift, inheritance, or purchase.
C) qualifying replacement property must be acquired within a specified time period.
D) replacement property must be similar or related in service or use to the converted property.
B) the replacement property may be acquired by gift, inheritance, or purchase.
The general rule is that the taxpayer must purchase replacement property.
You might also like to view...
In many cases, retailers hold greater ________ than manufacturers, so manufacturers need to know retail buyers' acceptance criteria
A) channel power B) conditions of sale C) territorial rights D) motivation E) channel design
Due to human activities, more carbon dioxide is being released into the atmosphere than is being removed. What happens to this extra carbon dioxide? Select all that apply.A) Some of the carbon dioxide stays in the atmosphere which causes surface temperature to rise.B) Approximately half of the extraneous carbon dioxide is being expelled into deep space. C) Much of the extraneous carbon dioxide is dissolved into the oceans where it is causing acidification. D) Trees and other plants have increased their rates of photosynthesis and are effectively removing most of the extraneous carbon dioxide.
What will be an ideal response?
A cellphone service provider charges $5.00 per month and $0.20 per minute per call. If a customer's current bill is $55, how many minutes did the customer use? (Round any intermediate calculations and your final answer to the nearest whole minute.)
A) 275 minutes B) 300 minutes C) 250 minutes D) 225 minutes
Larry is a self-employed insurance salesperson. He decides to take his best customer to a Pacers basketball game. Larry is able to buy two floor seat tickets for $500 each. The face amount of the tickets is $200 each. How much of the total cost can Larry deduct?
A. $- 0 - B. $200 C. $400 D. $500 E. $1,000