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AICPA Regulation - Reviews


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See why our users from 154 countries love us for their exam prep! Including 140 reviews for the AICPA REG exam.

Exam Edge is an industry leader in online test prep. We work with institutional partners to offer a wide array of practice tests that will help you prepare for your big exam. No matter how niche your field of interest might be, we're here to help you prepare for test day.

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AICPA Regulation - Test Reviews Sample Questions

If payment is received and gain is realized, taxpayer may ___________________________________if converted property is replaced with property of similar or related use.

Correct Answer:
elect not to recognize gain


when a taxpayer receives payment for property and a gain is realized from this transaction, there exists a provision in tax law that allows for the non-recognition of this gain. this provision is particularly applicable when the property in question has been involuntarily converted—meaning it was destroyed, stolen, condemned, or disposed of under the threat of condemnation—and the taxpayer decides to replace the lost or damaged property with property of a similar or related use.

the rationale behind this tax provision is to encourage continuity in investment and operations by the taxpayer. essentially, if the taxpayer uses the proceeds from the involuntary conversion to acquire replacement property that serves a similar or related operational role as the converted property, the tax code allows the taxpayer to defer the recognition of gain. this deferral is contingent on the replacement property being acquired within a specific time frame set forth by the tax code.

it’s important to note that this election to defer gain recognition applies only to the extent that the cost of the replacement property equals or exceeds the amount realized from the conversion of the old property. if the replacement property is less expensive than the amount realized, the gain must be recognized to the extent of the excess. this ensures that the tax benefit is limited strictly to situations where the investment in the replacement property is at least equivalent to the value of the converted property.

this provision is a valuable tool for taxpayers, providing flexibility and financial relief in cases of unexpected property loss or destruction, allowing them to reinvest in their operations without an immediate tax liability. this can be crucial for recovery and continued business operation or personal use, aligning with the policy goals of economic stability and continuity.