What is the name of your state? Ohio
If a business loses a portion of its land to eminent domain, am I correct in understanding that anything they receive over and above the property's basis is taxable, if they do not purchase like-kind property as a replacement? If so, is it taxable in the year the sale is completed, or when the time period to purchase new property has passed?
What if they do not receive a 1099-S from the state?
Thank you.
If a business loses a portion of its land to eminent domain, am I correct in understanding that anything they receive over and above the property's basis is taxable, if they do not purchase like-kind property as a replacement? If so, is it taxable in the year the sale is completed, or when the time period to purchase new property has passed?
What if they do not receive a 1099-S from the state?
Thank you.