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Business, 19.04.2021 19:20 Esteffyy

On February 24, 2020, Allison's building, with an adjusted basis of $1,300,000 (and used in her trade or business), is destroyed by fire. On March 31, 2020, she receives an insurance reimbursement of $1,650,000 for the loss. Allison invests $1,550,000 in a new building and buys stock with the balance of insurance proceeds. Allison is a calendar year taxpayer. a. By what date must Allison make the new investment to qualify for the nonrecognition election

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On February 24, 2020, Allison's building, with an adjusted basis of $1,300,000 (and used in her trad...

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