To continue to reflect on the last 50 years Gardiner Thomsen has been in business, we would like to feature another one of our longest standing managers. Jim Carlson with First Coop has been working with Gardiner Thomsen for many years and we have been fortunate to develop a strong relationship with him.

By definition, an involuntary conversion is a mandatory liquidation of assets (such as a loss due to fire, wind, flooding, or tornado). The lost property is normally replaced by another asset, such as cash from insurance proceeds. According to generally accepted accounting principles (GAAP), the difference between the value of the asset lost (property) and the value of the asset received (cash) is recognized in financial statements as a gain or loss. An involuntary conversion, and the resulting gain or loss, is considered to have occurred even if an entity reinvests the monetary assets with non monetary replacement assets.