1.Can we elect nonrecognition of gain for property that is involuntarily converted and is replaced with similar property? 2.For property that is involuntarily converted and is replaced with similar property, what are the mandatory rules for recognition of gain or loss? 3.Explain the difference between a realized and recognized gain 4.How are assets classified to determine tax treatment on disposition?
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1.Can we elect nonrecognition of gain for property that is involuntarily converted and is replaced with similar property?
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