Multiple Choice
The state condemned Cassidy's land on November 25, 2015. The land has a $400,000 basis. Cassidy received insurance proceeds of $610,000 on January 27, 2016. Cassidy has until what date to defer the gain under the involuntary conversion rules?
A) December 31, 2017.
B) November 25, 2017.
C) December 31, 2018.
D) December 31, 2019.
Correct Answer:
Verified
Correct Answer:
Verified
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