Sidney,a Calendar Year Taxpayer,owns a Building (Adjusted Basis $450,000) in Columbus,OH,in

True/False

Sidney,a calendar year taxpayer,owns a building (adjusted basis $450,000) in Columbus,OH,in which he conducts his retail computer sales business.The building is destroyed by fire on December 12,2015,and two weeks later he receives insurance proceeds of $600,000.Due to family ties,Sidney decides to move to Columbia,SC.He reinvests all of the insurance proceeds in a building in Columbia where he opens a retail computer sales business on April 2,2016.By electing § 1033,Sidney has no recognized gain and a basis in the new building of $450,000 ($600,000 cost - $150,000 postponed gain).