Exercise 13-37 (Algorithmic) (LO. 7) On June 5, 2020, Brown, Inc., a calendar year taxpayer, receives cash of $943,000 from the county upon condemnation of its warehouse building (adjusted basis of $660,100 and fair market value of $943,000). a. Select either "True" or "False" for each of the following regarding what must Brown do to qualify for $ 1033 postponement of gain treatment. Elect 1033 postponement of gain treatment True . Acquire qualifying replacement property costing at least $943,000 True Acquire the qualifying property no later than December 31, 2023 False Acquire qualifying replacement property costing at least $660,100 False Feedback Check My Work b. Complete the statements below regarding what must Brown do to qualify for $ 1033 postponement if the adjusted basis was instead $1,131,600. Because Brown has a realized loss In this on the condemnation of business property, it is automatically recognized the normal rules of recognition. Therefore, Brown has a realized loss of $ case, $1033 does not modify of which $ is recognized