The Isabella and Ferdinand stories include their establishment of the Inquisition, subjugation and Christianization of the Canary Islands, completion of the Reconquista, and expulsion of the Jews from Spain, illustrating European doctrines of conquest, enslavement, and involuntary conversion
and how the sovereigns ruled over Old World peoples before encountering Native Americans.
The casualty loss rules and the involuntary conversion
rules also apply separately to unmarried owners, allowing for additional opportunities to use tax planning to get the best results.
For example, if there is a recovery for fully depreciated business property, the result is a gain from an involuntary conversion
In these situations, the involuntary conversion
provisions of the tax code provide some relief.
It must recognize a gain or loss in the period of the involuntary conversion
of its nonmonetary assets to monetary assets, regardless of whether it reinvests settlement monies.
121-3(e)(2): involuntary conversion
of the residence; disasters or acts of war or terrorism damaging the residence; or a qualified individual's death, unemployment (if eligible for unemployment compensation), change in employment status that results in an inability to pay housing costs and basic living expenses, divorce or legal separation under a decree of divorce or separate maintenance, or a multiple birth.
This proposal would clarify involuntary conversion
treatment when the recipient of quota buyout payments elects to reinvest such amounts directly in domestic, value-added agricultural enterprises or other agricultural cooperative associations," says Sine.
An involuntary conversion
occurs when property is converted to money or other property because of its complete or partial destruction, theft, seizure or condemnation, or if it is disposed of under threat of condemnation.
Fortunately, some or all of the tax on casualty gains may be deferred, provided the taxpayer qualifies under the involuntary conversion
96-32, the IRS allows the proceeds of the sale of the lot to be considered part of the involuntary conversion
and deferrable under Sec.
7) As the Internal Revenue Service (IRS) Office of General Counsel has explained, "[t]he purpose of [section] 1033 was to allow taxpayers who have lost property under certain circumstances outside their control to invest the proceeds therefrom, undiminished by tax on the gain, in qualified replacement property, thus restoring themselves in so far as possible, to their position prior to the involuntary conversion
Where property is disposed of in a like-kind exchange under section 1031 or as a result of an involuntary conversion
under section 1033, section 467 overrides the general nonrecognition rules and gain is recognized to the extent of the sum of (1) the amount of gain recognized on the disposition of the property plus (2) the fair market value of property acquired that is not subject to the same section 467 rental agreement and does not result in gain recognition.