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on an involuntary conversion in which the taxpayer does not buy replacement property within the replacement period the gain on the involuntary conversion and any tax due must be reported:
a-in the year replacement period expires
b-in the year the involuntary conversion occurred
c-never because the tax year of the conversion would be closed
d-as soon as the taxpayer knows replacement property will not be purchased

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9413881

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