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Gabe, a calendar year taxpayer, owns a dry cleaning business (adjusted basis of $220,000). The business is destroyed by a hurricane on October 28, 2016.
Gabe, a calendar year taxpayer, owns a dry cleaning business (adjusted basis of $220,000). The business is destroyed by a hurricane on October 28, 2016. Gabe receives insurance proceeds of $250,000 on January 4, 2017. What is the latest date Gabe can reinvest the proceeds in qualified property to avoid recognition of any realized gain?
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