On June 5, 2016, Brown, Inc., a calendar year taxpayer, receives cash of $750,000 from the county

Question:

On June 5, 2016, Brown, Inc., a calendar year taxpayer, receives cash of $750,000 from the county upon condemnation of its warehouse building (adjusted basis of $500,000 and fair market value of $750,000).
a. What must Brown do to qualify for § 1033 postponement of gain treatment?
b. How would your advice to Brown differ if the adjusted basis was $795,000?

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