Section 1033, dealing with involuntary conversions, is mandatory if all requirements are met (even if the taxpayer receives only cash).

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Section 1033, dealing with involuntary conversions, is not mandatory; taxpayers have the option to elect to apply its provisions to defer recognition of gain if they reinvest the proceeds into similar property within a specified period, even if they receive cash.

Section 1033, Dealing with Involuntary Conversions, Is Mandatory If All