On February 24, 2020, Allison's building, with an adjusted basis of $3,546,550 (and used in her trade or business), is destroyed by fire. On March 31, 2020, she receives an insurance reimbursement of $4,610,515 for the loss. Allison invests $4,149,464 in a new building and buys stock with the balance of insurance proceeds. Allison is a calendar year taxpayer. a. By what date must Allison make the new investment to qualify for the nonrecognition election? b. Assuming that the replacement property qualifies as similar or related in service or use, what are Allison's realized gain, recognized gain, and basis in the replacement building? Allison's realized gain is $fill in the blank 2 and recognized gain is $fill in the blank 3. Her basis in the new building is $fill in the blank 4.

I don't agree.

Explanation:

I do not agree that the only beneficiary of the entrepreneurial wealth is the entrepreneur himself/herself. Firstly, an entrepreneur is someone who has a business and takes all risks in order to make profit.

When an entrepreneur creates a business, he or she employs people who work for the entrepreneur and they get paid for the work done. In this way, the entrepreneur is contributing to the society.

Some entrepreneurs also give back to the society in form of scholarships, creating awareness on important issues etc. Furthermore, by setting up a business, the government taxes them and the tax can be utilized for the betterment of the country.

With the above explanation, the only beneficiary of the entrepreneurial wealth is not the entrepreneur him/herself. The whole society benefits.