On February 24, 2020, Allison's building, with an adjusted basis of $1,300,000 (and used in her trade or business), is destroyed by fire. On March 31, 2020, she receives an insurance reimbursement of $1,650,000 for the loss. Allison invests $1,550,000 in a new building and buys stock with the balance of insurance proceeds. Allison is a calendar year taxpayer. a. By what date must Allison make the new investment to qualify for the nonrecognition election

Respuesta :

Answer:

December 31,2022

Explanation:

a. Since in the question it is mentioned that the allison is a taxpayer for the calender year so here the date that should be make the new investment in order to qualify for the non-recognition election is Dec 31,2022

So the same would be considered and relevant too

Hence, the date would be December 31,2022

ACCESS MORE
ACCESS MORE
ACCESS MORE
ACCESS MORE

Otras preguntas