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Which of the following qualify as replacement property under 1033 (nonrecognition of gain from an involuntary conversion)? 1. An office building occupied by the taxpayer
Which of the following qualify as replacement property under 1033 (nonrecognition of gain from an involuntary conversion)?
1. | An office building occupied by the taxpayer is destroyed by a fire. The building is to be replaced with a warehouse which is to be used to store taxpayers inventory. |
2. | A shopping center leased to various retail tenants is destroyed by a tornado. The shopping center is to be replaced with a warehouse which is to be leased to various tenants. |
3. | An office building occupied by the taxpayer is condemned. The building is to be replaced with a warehouse which is to be leased to various tenants. |
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