5

all of the above Question 5 (1 point) Which of the following statements about involuntary conversions is false? A taxpayer seeking deferral of gain from an involuntary conversion transaction has a longer time period to complete the acquisition of replacement property than a taxpayer seeking deferral of gain from a 1031 like-kind exchange. In order to defer gain from an involuntary conversion transaction, a taxpayer must invest at least the amount of proceeds received from the insurance company or a governmental entity in case of condemnation If the taxpayer receiving proceeds from an involuntary conversion acquires replacement property within the specified time period, both realized gain and realized losses must be deferred. None of the above are false exchanges where Question 6 (1 point) 1031 like-kind exchanges are popularly called