Answered

Explore Westonci.ca, the leading Q&A site where experts provide accurate and helpful answers to all your questions. Join our Q&A platform to get precise answers from experts in diverse fields and enhance your understanding. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

The state condemned Cassidy's land on November 25, 2021. The land has a $400,000 basis. Cassidy received insurance proceeds of $610,000 on January 27, 2022. Cassidy has until what date to defer the gain under the involuntary conversion rules

Sagot :

Parrain

Based on the involuntary conversion rule governing the deferring of gains, the data that Cassidy has to defer the gain is December 31, 2025.

Which data can Cassidy defer to gain to?

Cassidy can defer to the gain to three (3) years after the first date in the year that the gain was received.

The gain was received in 2022 so the first date is January 1, 2022. The date the gain can be deferred to is therefore December 31, 2025.

Find out more on deferring gains to https://brainly.com/question/24280942.

#SPJ1

We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.