Which of the following is not subject to the rule for involuntary conversions?

Involuntary conversions refer to situations where taxpayers lose property due to certain events, like natural disasters or condemnations, and receive compensation for that loss. This concept usually applies to specific types of property and events, which involve the reimbursement or compensation received that can affect the tax implications of that transaction.

Like-kind exchanges involve a different set of rules under Section 1031 of the Internal Revenue Code. These exchanges allow taxpayers to defer recognition of capital gains on the exchange of similar types of properties, as long as they meet certain requirements. Unlike involuntary conversions, which deal with unexpected loss of property, like-kind exchanges are voluntary and are aimed directly at deferring taxes on gains rather than addressing losses.

Casualty losses, insurance proceeds, and sales of depreciable property generally fall under the scope of involuntary conversions, as they involve the loss of property and receipt of compensation or its equivalent. Casualty losses reflect property destruction, insurance proceeds are compensation for such losses, and sales of depreciable property may also result in a loss needing reporting in terms of involuntary conversion rules.

Thus, like-kind exchanges stand out as they do not fit the criteria associated with involuntary conversions, making this choice the correct response to the question.