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CCH Federal Taxation Basic Principles Chapter 11 Property Transactions: Nonrecognition of Gains and ... - page 50 / 66

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CCH Federal Taxation Basic Principles

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Involuntary Conversions—What Qualifies

Qualified Events

Code Sec. 1033 applies to involuntary conversions occurring through casualty, theft or condemnation.  A casualty qualifies for special tax treatment if it is caused by some sudden event such as fire, storm or shipwreck.  Termite damage would not qualify.  A condemnation qualifies if there is confirmation that property is going to be taken for public purposes.  News reports are not deemed to be confirmations.

Chapter 11, Exhibit 15a

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