Voluntary Sale In Advance of Forced Auction an Involuntary Conversion?

Voluntary Sale In Advance Of Forced Auction An Involuntary Conversion?

A taxpayer can generally avoid paying income tax on gain from the sale of property if the sale is an involuntary conversion. This typically involves a government act that takes or destroys the taxpayer’s property. There are a number of different types of property and takings that can qualify? But what about a local TV…