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Author Question: May a taxpayer elect under Sec. 1033 to defer recognition of loss resulting from an involuntary conversion? (Read 35 times)

abarnes

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on: Sep 13, 2020

Question 1

Luke's offshore drilling rig with a $700,000 adjusted basis is destroyed by a hurricane. He collects $620,000 from the insurance company and purchases a new drilling rig for $600,000.
a. What are the tax consequences of these transactions?
b. What is the basis of the new rig?

Question 2

May a taxpayer elect under Sec. 1033 to defer recognition of loss resulting from an involuntary conversion?
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by abarnes on Sep 13, 2020

Viet Thy

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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abarnes

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

mjenn52

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Reply 3 on: Yesterday
:D TYSM

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