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Mega Ltd., which has a May 31 year end, had its land and building expropriated...

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Accounting

Mega Ltd., which has a May 31 year end, had its land and building expropriated on June 30, 2021, and received $1 million of compensation from the government for the expropriation. Which one of the following is the deadline for Mega Ltd. to replace the property with another property costing at least $1 million in order to defer the entire recapture and capital gain on the disposition of the expropriated property?

a) On or before June 30, 2023

b)On or before May 31, 2023

c)On or before May 31, 2024

d)On or before December 31, 2023

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