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- 1033 deferred gain on 1120S K1
1033 deferred gain on 1120S K1
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almstjne
Level 1
03-13-2021
12:36 PM
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I have a client who we are electing to defer the gain from a casualty event while the equipment is built. Reported the event on form 4684 and made the election. The gain is flowing to schedule K line 10 as other income from an involuntary conversion.
Am I missing a step to suspend the gain from flowing to schedule K and the K-1?
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