(a) Section 1033(b) of the Internal Revenue Code, relating to basis of property acquired through involuntary conversion, shall apply, except as otherwise provided. (b) Section 1033(b)(1) of the Internal Revenue Code is modified by substituting âsubdivision (a) of Section 24943â in lieu of âsubsection (a)(1).â (c) Section 1033(b)(2) of the Internal Revenue Code is modified by substituting âsubdivision (b) of Section 24943â in lieu of âsubsection (a)(2).â (d) Section 1033(b)(3) of the Internal Revenue Code is modified by substituting âsubdivision (b) of Section 24943â in lieu of âsubsection (a)(2)(E).â
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