If the recognized losses resulting from involuntary conversions arising from casualty or theft exceed the recognized gains from such events (i.e., a net loss from the casualty), all of the involuntary conversions are treated as ordinary gains and losses.
Answer the following statement true (T) or false (F)
True
There is a special carveout of the normal Sec. 1231 netting process for gains and losses resulting from involuntary conversions due to casualty or theft.
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