An office building owned by Milo was destroyed by Hurricane Mel on September 25, Year 4. On October 2, Year 4, the President of the United States declared the area where the office building was located a federal disaster area. Milo received settlement of his insurance claim for the destruction of his building on January 2, Year 5. In order to qualify for nonrecognition of gain on this involuntary conversion, what is the last date for Milo to acquire qualified replacement property

Ann and jack have been partners for several years. their​ firm, a​ & j tax​ preparation, has been very​ successful, as the pair agree on most​ business-related questions. one​ disagreement, however, concerns the legal form of their business. for the past two​ years, ann has tried to convince jack to incorporate. she believes that there is no downside to incorporating and sees only benefits. jack strongly​ disagrees; he thinks that the business should remain a partnership forever. ​ first, take​ ann's side, and explain the positive side to incorporating the business. ​ next, take​ jack's side, and state the advantages to remaining a partnership. ​ lastly, what information would you want if you were asked to make the decision for ann and​ jack? which of the following statements are the advantages of a partnership compared to a​ corporation? ​(choose all that​ apply.) a. less expensive to organize. b. ownership is readily transferable. c. lower income taxes. d. owners have limited liability. e. long life of firm.