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Accounting

Which of the following statements is false regarding involuntary conversions?

A. Deferral of gain is mandatory if conversion is directly into similar property.

B. Gain may be deferred if the property is involuntarily converted into property that is similar or related in service or use to the converted property.

C. If deferral of gain is elected, the holding period of the converted property carries over to the replacement property.

D. A taxpayer may elect to defer recognition of a loss resulting from an involuntary conversion.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9279130

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