9. Austins hotel is condemned by the City Housing Authority on July 5, 2022, for which he is paid condemnation proceeds of $950,000. He first received official notification of the pending condemnation on May 2, 2022. Austins adjusted basis for the hotel is $600,000 and he uses a fiscal year for tax purposes with a September 30 tax year-end.

a. How much must Austin reinvest in qualifying replacement property to postpone the recognition ofrealized gain?

b. If Austin reinvests the minimum amount required to avoid recognition of realized gain, what is his basis forthe replacement property?

c. What is qualifying replacement property?

d. What is the earliest date that Austin can acquire qualifying replacement property?

e. What is the latest date that Austin can acquire qualifying replacement property?

f. How would the answer in e. change if Austins hotel had been destroyed in a flood?

PLEASE SHOW WORK/EXPLAIN. THANKS!