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Kyla owns a convenience store with an adjusted basis of $215,000 that was destroyed by a flood on August 15, 2016. Kyla received a check for $275,000 from her insurance company on January 10, 2017, compensating her for the damage to her store. What is the latest date on which Kyla can buy replacement property to avoid recognition of any realized gain?

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Accounting Basics, Accounting

Category:- Accounting Basics
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