Alex owns an office building which the state condemns on January 15,2013.Alex receives the condemnation award on April 1,2013.In order to qualify for nonrecognition of gain on this involuntary conversion,what is the last date for Alex to acquire qualified replacement property?

Question

Quizplus · Accepted Answer

The IRS allows a taxpayer a period of three years from the end of the tax year in which the gain is realized to replace the property. Since Alex received the condemnation award in 2013, he has until December 31, 2016, to acquire qualified replacement property.

Alex Owns an Office Building Which the State Condemns on January