Each of the following is true except for:

a. A direct involuntary conversion occurs when property taken under imminent domain is replaced with other property.

b. Qualified replacement property rules are more restrictive than the like-kind property rules.

c. An indirect involuntary conversion occurs when property is destroyed and insurance proceeds are used to purchase qualified replacement property.

d. Losses realized in involuntary conversions are deferred.

e. All of the choices are true.