On June 5, 2014, Brown, Inc., a calendar year taxpayer, receives cash of $750,000 from the county

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On June 5, 2014, Brown, Inc., a calendar year taxpayer, receives cash of $750,000 from the county upon condemnation of its warehouse building (adjusted basis of $500,000 and fair market value of $750,000).
a. What must Brown do to qualify for § 1033 postponement of gain treatment?
b. How would your advice to Brown differ if the adjusted basis was $795,000?
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South Western Federal Taxation 2015

ISBN: 9781305310810

38th Edition

Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young

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