Involuntary Conversions From Storm Losses and Other Casualties
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The huge losses suffered this year as a result of hurricanes, especially Hurricane Katrina, have focused a great deal of attention on the options available to property owners in the wake of a casualty. The discussion below emphasizes involuntary conversions, particularly with respect to the time for reinvestment and the latitude for selecting reinvestment property. A future article will deal with casualty losses.