An office building owned by Milo was destroyed by Hurricane Mel on September25, 2016. On October 2,
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An office building owned by Milo was destroyed by Hurricane Mel on September25, 2016. On October 2, 2016, the President of the United States declared the area where the office building was located a federal disaster area. Milo received settlement of his insurance claim for the destruction of his building on January 2, 2017. In order to qualify for nonrecognition of gain on this involuntary conversion, what is the last date for Milo to acquire qualified replacement property?
a. December 31, 2020
b. October 2, 2020
c. December 31, 2021
d. January 2, 2021
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Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
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