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

Indicate whether the property acquired qualifies as replacement property for each

Indicate whether the property acquired qualifies as replacement property for each of the following involuntary conversions: a. b. 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. Faiqa's personal residence is condemned. She uses the proceeds to invest in another personal residence. 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. 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. C. d

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