Essay
Evelyn's office building is destroyed by fire on July 12, 2019.The adjusted basis is $315,000.She receives insurance proceeds of $350,000 on August 31, 2019.Calculate the amount that Evelyn must reinvest in qualifying property so that her recognized gain be $20,000.Assume she elects § 1033 (nonrecognition of gain from an involuntary conversion) postponement treatment.
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