(Answered) Question 1- bens property which has an adjusted basis of

Accounting

Question 1- Ben's property, which has an adjusted basis of $45,000, is condemned by the state government. The authorities replace his property with other qualified property which cost them $120,000. What is Ben's recognized gain?

a- $35,000

b- $85,000

c- $0

d- $120,000

Question 2- Under the cash method of tax accounting, tax deductions are generally taken when:

a- Payment is made

b- The liability arises

c- There is net income to absorb the expense

d- None of the above

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