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Section 1033
Also called: involuntary conversion · condemnation replacement · casualty replacement
A separate tax provision addressing certain involuntary conversions, such as qualifying condemnations or casualties, with its own replacement rules and timelines.
What it means in practice.
Section 1033 is not a 1031 exchange. It can provide nonrecognition treatment in qualifying involuntary-conversion circumstances.
Why it matters.
Professionals should distinguish voluntary exchanges from involuntary conversions early.
Additional notes.
Section 1033 is not a 1031 exchange. It can provide nonrecognition treatment in qualifying involuntary-conversion circumstances.
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