Question: Indicate whether the following statements are True or False regarding the involuntary conversion of property. a . If a loss occurs on an involuntary conversion,

Indicate whether the following statements are "True" or "False" regarding the involuntary conversion of property.
a.If a loss occurs on an involuntary conversion, it is postponed and not recognized.
TrueFalse
b.Postponement of realized gain is permitted to the extent that the taxpayer reinvests the amount realized from the conversion in replacement property.
TrueFalseTrue
c.The amount realized from an involuntary conversion is normally any insurance proceeds received.

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