Question: Indicate whether the property acquired qualifies as replacement property for each of the following involuntary conversions: a. The Harts personal residence is destroyed by a

Indicate whether the property acquired qualifies as replacement property for each of the following involuntary conversions:
a. The Harts’ personal residence is destroyed by a hurricane. They decide not to acquire a replacement residence but to invest the insurance proceeds in a house that they rent to tenants.
b. Faiqa’s personal residence is condemned. She uses the proceeds to invest in another personal residence.
c. Tonya owns a storage warehouse used for business purposes. A flood destroys the building, and she decides to use the insurance proceeds to rebuild the warehouse in another state.
d. Ramona owns an apartment building that is destroyed by a flood. She uses the insurance proceeds to build an apartment building nearby that is out of the flood zone.

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