Mark for follow up Question 60 of 75. The replacement period for condemned real property used in a business, trade, or as an investment generally ends: Two years after the end of the first year in which any gain is realized. Two years after the end of the first year in which any gain is recognized. Three years after the end of the first year in which any gain is realized. Three years after the end of the first year in which any gain is recognized. Mark for follow up