SECTION 1033: INVOLUNTARY CONVERSIONS (2 OF 2)
01.Core Concepts
Replacement property must be: • Similar in function or use as involuntarily converted property • Acquired within a specified time period • Time period starts on the date on which the involuntary conversion or threat of condemnation/governmental action occurs • Time period ends a specified number of years from the end of the year in which the realization first occurred Natural disasters: 2 years Condemnation/governmental action: 3 years Presidentially-declared disaster: 4 years