Each of the following is true of deferral of gain attributed to the involuntary conversion...
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Accounting
Each of the following is true of deferral of gain attributed to the involuntary conversion of personal property with the exception of:
a. gain deferra; is elective, except for direct conversions
b. the replacement property may be acquired by gift, inheritance or purchase
c. qualifying replacement property must be acquired within a specified time period
d. replacement property must be similar or related in service or use to the converted property
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