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Lena owns a widget factory with an adjusted basis of $200,000. In 2019, her factory was destroyed by an earthquake. Lena receives $250,000 in insurance
Lena owns a widget factory with an adjusted basis of $200,000. In 2019, her factory was destroyed by an earthquake. Lena receives $250,000 in insurance proceeds. Lena uses all $250,000 of those proceeds to purchase a new widget factory. If Lena makes a valid Section 1033 election, how much gain will she have to recognize?
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The Section 1033 election of the Internal Revenue Code allows for the deferral of recognition of gai...
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South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities
Authors: James Smith, William Raabe, David Maloney, James Young
18th Edition
9781285438290, 1285439740, 1285438299, 978-1285439747
