A taxpayer's property (on which she paid $200,000) is involuntarily converted. She received insurance proceeds equal to

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Question:

A taxpayer's property (on which she paid $200,000) is involuntarily converted. She received insurance proceeds equal to the $600,000 fair market value of the property because—thanks to your advice and FI483 Risk Management and Insurance Planning—her property was properly insured.

What is the minimum amount the taxpayer must reinvest in qualifying property in order to defer recognition of all realized gain