Involuntary conversion refers to the forced disposition of property, where the property owner is reimbursed for the property taken or destroyed.
Qualified Replacement Property refers to property acquired in a like-kind exchange or due to an involuntary conversion, provided that the new property has the same qualified use as the property it replaces.
The Replacement Period refers to specific time frames allowed for tax-free gains on the replacement of certain assets under special circumstances, such as inventory interruption and involuntary conversion.
