The state highway department condemns some of chads grazing

Assignment Help Accounting Basics

Reference no: EM13591192

1.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

2.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: EM13591192

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