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HW 14 & HW 15 Book Exercise 15-18 (Algorithmic) (LO. 3) On June 5, 2021, Brown, Inc., a calendar year taxpayer, receives cash of $904,500 from the county upon condemnation of its warehouse building (adjusted basis of $633,150 and fair market value of $904,500) a. Select other "True" or "false" for each of the following regarding what must Grown do to quality for $1033 postponement of gain treatment. Elect 5 1033 postponement of gain treatment Acquire qualifying replacement property costing at least $904,500 Acquire the qualifying property no later than December 31, 2024 Acquire qualifying replacement property costing at least $633,150 b. Complete the statements below regarding what must Brown do to qualify for 1033 postponement if the adjusted basis was instead $1,085,400. Because Brown has a realized on the demnation of business property. In this case, 51033 the normal rules of recognition. Therefore, Brown has a realized of which is recognized Previous