Questions 9 and 10 pertain to the following facts. Ms. Warbuck's business property was demolished by a typhoon on March 1, 2019. On July 4, 2019, Ms. Warbuck received $100.000.00 in insurance proceeds covering the damage to the warehouse. Ms. Warbuck's basis in the warehouse was $75,000.00. She purchased a new warehouse on November 10. 2020 tor $200,000.00 What is the latest date for Ms. Warbucks to make an election under $1033 and defer recopnition of the gain? O December 31. 2021 O December 31. 2022 O November 10, 2020 ONone of the above

Questions 9 and 10 pertain to the following facts. Ms. Warbuck's business property was demolished by a typhoon on March 1, 2019. On July 4, 2019, Ms. Warbuck received $100.000.00 in insurance proceeds covering the damage to the warehouse. Ms. Warbuck's basis in the warehouse was $75,000.00. She purchased a new warehouse on November 10. 2020 tor $200,000.00 What is the latest date for Ms. Warbucks to make an election under $1033 and defer recopnition of the gain? O December 31. 2021 O December 31. 2022 O November 10, 2020 ONone of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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