Final answer:
Replacing a building with land does not automatically qualify as replacement property under involuntary conversion rules; whether land can be considered like-kind to a building depends on specific IRS rules and circumstances.
Step-by-step explanation:
Replacing a building with land may not necessarily qualify as replacement property under the involuntary conversion rules relevant to a casualty. The IRS provides specific guidelines on what constitutes like-kind property, which is necessary for property to qualify as replacement property after its involuntary conversion due to events like disasters, thefts, or condemnations. Generally, the replacement property must be similar in service or use to the property that was converted. However, whether land can be considered like-kind to a building for tax-deferred exchange purposes can be subject to various factors and should be analyzed on a case-by-case basis in accordance with IRS rules. Therefore, the statement is False as it stands, but the actual determination can be complex and depend on specific details.