Multiple Choice
Wally's investment real estate was condemned on November 14,2013.On February 14,2014,he received $250,000 for the property that had a basis of $210,000.What is the last date that Wally can acquire replacement property to avoid gain recognition?
A) November 14,2016
B) February 14,2017
C) December 31,2016
D) December 31,2017
E) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
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