The state highway department condemns some of chads grazing

Reference no: EM13584343

Some tax rules can be justified on multiple grounds (e.g. Economics, social, etc.). In this connection, comment on the possible justification for the rules governing the following:
a. Energy conservation and pollution control
b. Pension plans
c. Education
d. Home ownership
The state highway department condemns some of Chad's grazing land. The land cost Chad $20, 000, and the condemnation award is the land's fair market value of $100,000. Shortly after the condemnation, Chad buys replacement grazing land. What is his recognized gain if the replacement land cost?
A $70,000?
B $110,000?
C $20,000?
D what, if any, is the justification for deferring the recognition of gain on the involuntary conversion?

Reference no: EM13584343

Questions Cloud

Feedback control system hw6 can you solve the attached file : can you solve the attached file with full details and steps required and attached matlab code as a text and picture of

Lightfoot inc a software development firm has stock : lightfoot inc. a software development firm has stock outstanding as follows 40000 shares of cumulative preferred 1

Problem 1 during 2012 barden building company constructed : problem 1 during 2012 barden building company constructed various assets at a total cost of 10500000. the weighted

Suppose the land sinks into the sea as a result of an : the financial condition of greyco inc. is expressed in the following accounting equationassets

The state highway department condemns some of chads grazing : some tax rules can be justified on multiple grounds e.g. economics social etc.. in this connection comment on the

In terms of the major biological molecules of carbohydrates : in this assignment you will investigate the chemical composition of the foods we eat as our bodies break down food by

Suppose the land sinks into the sea as a result of an : the financial condition of greyco inc. is expressed in the following accounting

On may 1 2014 herron corp issued 386400 8 5-year bonds at : on may 1 2014 herron corp. issued 386400 8 5-year bonds at face value. the bonds were dated may 1 2014 and pay interest

Hulse company had the following transactions pertaining to : hulse company had the following transactions pertaining to stock investments. feb. 1 purchased 490 shares of wade

User Account

All Pages