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Replacing the asset in order to avoid recognizinggain

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Keltron Inc. is a calendar-year taxpayer. On December 1, 2010, Keltron isnotified that the state plans to acquire one of Keltron's warehouses. Theproperty had an adjusted basis of $400,000. On January 15, 2011, the statecondemns the property and pays Keltron $500,000. When does Keltron'sreplacement period end for replacing the asset in order to avoid recognizinggain?

A) January 15, 2013

B) December 31, 2013

C) January 15, 2014

D) December 31, 2014

Reference no: EM131697242

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