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  3. each of the following is true of deferral of gain

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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