Leta has a fiscal tax year which ends on June 30th. Her factory building is destroyed by a fire on October 12, 2012. Two months later, she receives insurance proceeds large enough to produce a realized gain. In order to elect § 1033 postponement, Leta must acquire qualified replacement property by December 31, 2014.

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The Answer of Leta has a fiscal tax year which ends on June 30th. Her factory building is destroyed by a fire on October 12, 2012. Two months later, she receives insurance proceeds large enough to produce a realized gain. In order to elect § 1033 postponement, Leta must acquire qualified replacement property by December 31, 2014.

Leta Has a Fiscal Tax Year Which Ends on June