Section 1033

Internal revenue code 26 usca section 1033.
Section 1033. 1 this is commonly referred to as an involuntary conversion since the loss of property is beyond the control of the taxpayer. Email print section 1033 involuntary conversions a general rule if property as a result of its destruction in whole or in part theft seizure or requisition or condemnation or threat or imminence thereof is compulsorily or involuntarily converted 1 conversion into similar property into property similar or related in service or. A gain often results when the taxpayer.
Read the code on findlaw. Rc section 1033 requires a taxpayer either an individual or a business to make a timely election and a timely replacement to defer gain on property following an involuntary conversion when property is completely or partially destroyed for example by fire or natural disaster. Condemnation and involuntary conversions.
1954 after december 31 1974 unless a condemnation proceeding with respect to such property began before the date of.