I haven't dealt with this exact situation in my business, but I don't see why your scenario wouldn't qualify under IRC Section 48(a)(3)(A)(i). ------------------------------ Scott West EA L & S Tax Services Citrus Heights CA (916) 903-7843 --------- ...
The replacement property inherits the same basis as the destroyed property. See IRC Section 1033(a)(1) ------------------------------ Scott West EA L & S Tax Services Citrus Heights CA (916) 903-7843 ------------------------------
Grace, It is possible to get a waiver. Do check this out with your favorite immigration attorney. Best wishes, ------------------------------ Jean Mammen, EA www.1040nror1040.com Washington, DC 1040nror1040@gmail.com ------------------------------