Section 1033 (nonrecognition of gain from an involuntary conversion) applies to both gains and losses.

Name: Section 1033 (nonrecognition of gain from an involuntary conversion) applies to both gains and losses.
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Section 1033 primarily addresses the nonrecognition of gain for involuntary conversions, not losses. It allows taxpayers to defer recognition of gain if they reinvest the proceeds into similar property, but it does not specifically apply to losses in the same way.

Section 1033 (Nonrecognition of Gain from an Involuntary Conversion) Applies