Business
Business, 07.07.2020 20:01, 3boys33

Fenwick operates a grocery store and his retail building was completely destroyed by a hurricane on August 22, Year 10. The fair market value of the building before the hurricane was $1,200,000 with an adjusted basis of $800,000. His insurance company reimbursed him $1,200,000 of December 2, Year 10. When is the last date that Fenwick can replace this building with qualifying property and avoid recognizing gain from this transaction. A. December 31, 2013.B. August 22, 2015.C. December 31, 2015.D. December 31, 2016.

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Fenwick operates a grocery store and his retail building was completely destroyed by a hurricane on...

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