Question: Sid is preparing the tax return for a client in Florida, Malmore Company. In 2022, Malmore's office building was destroyed by a storm. After insurance,
Sid is preparing the tax return for a client in Florida, Malmore Company. In 2022, Malmore's office building was destroyed by a storm. After insurance, Malmore realized a gain of $65,000. For nonrecognition of gains from a casualty under section 1033, replacing the office building with undeveloped land is not considered similar in use.
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