Question
Pats investment real estate was condemned on November 14, 2016. On February 14, 2017, he received $250,000 for the property that had a basis of
Pats investment real estate was condemned on November 14, 2016. On February 14, 2017, he received $250,000 for the property that had a basis of $210,000. What is the last date that Pat can acquire replacement property to avoid gain recognition?
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Advanced Financial Accounting
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
10th edition
978-0078025624
