Amy's manufacturing plant is destroyed by fire on the afternoon of October 25, 2012. The adjusted basis is $550,000. The insurance company offers a settlement of $520,000. After protracted negotiations, Amy receives $575,000 on June 20, 2013. Amy is a fiscal year taxpayer whose tax year ends on June 30th. What is the latest date that Amy can invest the proceeds in qualifying replacement property and elect to defer the gain under § 1033?

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The Answer of Amy's manufacturing plant is destroyed by fire on the afternoon of October 25, 2012. The adjusted basis is $550,000. The insurance company offers a settlement of $520,000. After protracted negotiations, Amy receives $575,000 on June 20, 2013. Amy is a fiscal year taxpayer whose tax year ends on June 30th. What is the latest date that Amy can invest the proceeds in qualifying replacement property and elect to defer the gain under § 1033?

Amy's Manufacturing Plant Is Destroyed by Fire on the Afternoon