Exercise 15-20 (Algorithmic) (LOo. 3) On June 5, 2017, Brown, Inc., a calendar year taxpayer, receives cash of $901,000 from the county upon condemnation of its warehouse building (adjusted basis of $630,700 and fair market value of $901,000) 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 Acquire qualifying replacement property costing at least $901,000 Acquire the qualifying property no later than December 31, 2019 .Acquire qualifying replacement property costing at least $630,700 True True False False b. Complete the statements below regarding what must Brown do to qualify for 1033 postponement if the adjusted basis was instead $1,081,200 Because Brown has a realized 1033 on the condemnation of business property, In this case, the normal rules for loss recognition. Therefore, Brown has a realized loss of and a recognized loss of s