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Business, 15.10.2019 22:30 valdezavery1373

Jeffrey, a calendar year taxpayer, owns a dry cleaning business (adjusted basis of $220,000). the business is destroyed by a hurricane on october 28, 2017. jeffrey receives insurance proceeds of $250,000 on january 4, 2018. what is the latest date jeffrey can reinvest the proceeds in qualified property to avoid recognition of any realized gain?

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Jeffrey, a calendar year taxpayer, owns a dry cleaning business (adjusted basis of $220,000). the bu...
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