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CCH Federal Taxation Basic Principles Chapter 11 Property Transactions: Nonrecognition of Gains and ... - page 51 / 66

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CCH Federal Taxation Basic Principles

51 of  66

Mandatory/Elective Rules

The nature of the replacement property dictates whether Code Sec. 1033 is mandatory or elective:

   1.  Like-kind replacement.  If the award is like-kind replacement, gains but NOT losses must be postponed.

  2.  Dissimilar replacement.  If the award is cash or other NON-like kind replacement, Code Sec. 1033 may be elected for gains but NOT losses.

Involuntary Conversions—What Qualifies

Chapter 11, Exhibit 15b

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