On June $5,2024,$ Brown, Inc., a calendar year taxpayer, receives cash of $$925,500$ from the county upon condemnation of its warehouse building $($adjusted basis of $$647,850$ and fair market value of $$925,500).$

Question Content Area

a$.$Select either "True" or "False" for each of the following regarding what must Brown do to qualify for $1033$ postponement of gain treatment.

$$Elect $1033$ postponement of gain treatment

TrueFalse

$$Acquire qualifying replacement property costing at least $$925,500$

TrueFalse

$$Acquire the qualifying property no later than December $31,2027$

TrueFalse

$$Acquire qualifying replacement property costing at least $$647,850$