if the taxpayer who qualifies under sectiion 1033 makes the appropriate election and the amount reinvested...
if the taxpayer who qualifies under sectiion 1033 makes the appropriate election and the amount reinvested in repplacement property is less than the amount realized realized gain is
a) recognized to the extent of the deficiency
b) recognized to the extent of the realized gain
recognized to the extent of the amount reinvested
permanently not subject to taxation
none of the above
Homework Answers
The correct option is (a)
- Section 1033 is the non recognition of gain from involuntary conversions
- if any of the taxpayer qualifies under section 1033 and the amount reinvested in replacement property is less than the amount realised, Realised gain is 'RECOGNIZED TO THE EXTENT OF THE DEFICIENCY'
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if the taxpayer who qualifies under sectiion 1033 makes the
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