1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Pie
1 year ago
14

On an involuntary conversion in which the taxpayer does not buy replacement property within the replacement period, the gain on

the involuntary conversion and any tax due must be reported:________
Social Studies
1 answer:
True [87]1 year ago
7 0

On an involuntary conversion in which the taxpayer does not buy replacement property within the replacement period, the gain on the involuntary conversion and any tax due must be reported in the year the involuntary conversion occurred.

Who are taxpayers?

A taxpayer is anyone who owes taxes to the federal, state, or municipal governments, whether they are an individual or a corporation. Governments primarily obtain their funding through taxes, which are levied on both citizens and companies. Annual income tax obligations vary for people and businesses.

What is an involuntary conversion?

When your property is lost, taken, condemned, or disposed of under threat of condemnation and you receive other property or cash as payment, such as insurance or a condemnation judgment, this is known as an involuntary conversion. Exchanges that occur unintentionally are also known as forced conversions.

How can a taxpayer defer a gain on an involuntary conversion?

A taxpayer has the choice to choose section 1033 deferral after revealing the gain from an involuntary conversion by including a refund claim on an amended gain-year return. This statement and the actual election are clearly distinguished by the FSA, and as a result, each has a different statute of limitations.

Learn more about involuntary conversion: brainly.com/question/22715288

#SPJ4

You might be interested in
According to the constitution, only congress can?
natali 33 [55]
Only Congress can officially declare war, impeach the President, impeach/appoint new judges (House of Reps), ratify treaties (Senate), and also levy taxes. There is also a bit more Congress can do.
3 0
3 years ago
What key activity this illustration demonstrate
Snezhnost [94]
What’s the illustration
4 0
3 years ago
I HOPE YOU ARE HAVING A GREAT DAY EVERYONE! :D
Mazyrski [523]

Answer:

I think D

Explanation:

8 0
3 years ago
Read 2 more answers
Define the term ""disaster capitalism. "" what is the goal and who are the winners and the losers?
siniylev [52]

Disaster capitalism the act of (by a regime, government, etc.) using a great calamity as an excuse to implement liberal economic policies that the general public would be less inclined to support under normal conditions.

Disaster capitalism is the practice of a government, dictatorship, etc. using a big disaster as an excuse to enact liberal economic policies that the general public would be less likely to support under normal conditions.

The phrase "disaster capitalism" was first used by Naomi Klein (2005) to describe the bizarre actions of unethical people and organizations that seek to profit from crises. There is no question that the currently dominant capitalist economic system cannot last. In relation to climate change, biodiversity loss, and nutrient enrichment, it has aided in the breach of various biological barriers.

To know more about disaster capitalism refer to:  brainly.com/question/28015800

#SPJ4

8 0
2 years ago
A soul is composed of appetite, spirit, and what else
harina [27]
<span>A soul is composed of appetite, spirit, and Love

In persona 5 psychology perspective, human's decisions are influenced by two different sources, the logical brain and the soul.
In this perspective, soul consists of something that would never be understood by the logical sides of our brain, such as spirit, love, and appetite</span>
4 0
3 years ago
Other questions:
  • Juan, a Hispanic male, is a chemical engineer for Alliance Chemical. He is the only Hispanic male in a department of 74, 42 of w
    10·2 answers
  • Under the parol evidence rule, oral evidence will be excluded if it relates to
    7·1 answer
  • Can congress declare war
    5·2 answers
  • In 1867, Oliver H. Kelly founded an organization called the National ____ to help farming families.
    12·1 answer
  • Two daughters-in-law of Naomi were Ruth and:
    14·1 answer
  • Why did the United Nations launch an effort to remember the history of slavery?
    5·1 answer
  • Is presidio a military fort built by the English?
    14·1 answer
  • Is India a western country​
    14·1 answer
  • Which of the following describes a protected turn?
    13·1 answer
  • How was the song dynasty related to tang dynasty
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!