Question: LO . 3 On June 5 , 2 0 2 4 , Brown, Inc., a calendar year taxpayer, receives cash of $ 7 5 0

LO.3 On June 5,2024, Brown, Inc., a calendar year taxpayer, receives cash of $750,000 from the county upon condemnation of its warehouse building (adjusted basis of $500,000 and fair market value of $750,000).
What must Brown do to qualify for 1033 postponement of gain treatment?
How would your advice to Brown differ if the adjusted basis was $795,000?

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