dascpa
Level 12
03-04-2024
01:30 PM
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I did one a few years ago and it was recommended to me to attach a note (not that it would be read but it's documented). My note follows:
Taxpayer incurred an involuntary conversion on 05/30/2016 with the insurance settlement occurring on 08/15/2017. The taxpayer has made a deemed 1033 election to defer any potential gain until replacement property is purchased or constructed.