Attached are situations related to property transactions for taxpayers. REQUIRED: Answer the questions asked in the attached situations relating to the property transactions for the given taxpayers. (2) Samuel's 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. Samuel's 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 Samuel reinvest in qualifying replacement property in order to postpone the recognition of realized gain? Support your answer with an appropriate explanation and any necessary calculations. (b) If Samuel reinvests the minimum amount required to avoid recognition of realized gain, what is his basis for the replacement property? Support your answer with an appropriate explanation and any necessary calculations. (c) What is qualifying replacement property? Support your answer with an appropriate explanation. (d) What is the earliest date that Samuel can acquire qualifying replacement property? Support your answer with an appropriate explanation. (e) What is the latest date that Samuel can acquire qualifying replacement property? Support your answer with an appropriate explanation. Attached are situations related to property transactions for taxpayers. REQUIRED: Answer the questions asked in the attached situations relating to the property transactions for the given taxpayers. (2) Samuel's 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. Samuel's 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 Samuel reinvest in qualifying replacement property in order to postpone the recognition of realized gain? Support your answer with an appropriate explanation and any necessary calculations. (b) If Samuel reinvests the minimum amount required to avoid recognition of realized gain, what is his basis for the replacement property? Support your answer with an appropriate explanation and any necessary calculations. (c) What is qualifying replacement property? Support your answer with an appropriate explanation. (d) What is the earliest date that Samuel can acquire qualifying replacement property? Support your answer with an appropriate explanation. (e) What is the latest date that Samuel can acquire qualifying replacement property? Support your answer with an appropriate explanation
