Please include IRC Citation. Thanks.

23. Section 1033 (non-recognition of the income tax impact from an involuntary conversion) applies to both gains and losses. True b. False IRC Citation: a. C. 24. Dennis, a calendar year taxpayer, owns a warehouse (adjusted basis of $190,000) which was destroyed by a tornado in October 2018. He receives insurance proceeds of $250,000 in January 2019. Dennis has until December 31, 2019 (end of tax year in which proceeds were received) to replace the warehouse with another warehouse costing at least $250,000 in order to postpone the recognition of any realized gain. a. True b. False IRC Citation: C. a. 25. The taxpayer must elect to have the exclusion of gain under $ 121 (sale of principal residence) apply. True b. False IRC Citation: C. 26. Deidra has owned and occupied her principal residence for 10 years. Two and one-half years ago she married Doug who moved into her house. Doug has never owned a home. When Deidra is transferred to another city, she sells the house and has a realized gain of $425,000. Deidra can exclude the realized gain of $425,000 from her gross income under $ 121 if she and Doug file a joint return. True b. False IRC Citation: a. C. a. 27. The Internal Revenue Code defines a capital asset "in the negative." True b. False IRC Citation: C