Mitchell, a calendar year taxpayer, is the sole proprietor of a fast-food restaurant. His adjusted basis for the building and the related land is $450,000. On March 12, 2017, state authorities notify Mitchell that his property is going to be condemned so that the highway can be widened. On June 20, Mitchell's property is officially condemned, and he receives an award of $625,000. Because Mitchell's business was successful in the past, he would like to reopen the restaurant in a new location a. what is the earliest date Mitchell can acquire a new restaurant and qualify for § 1033 postponement? March 12, 2017 Feedback Check My Work b. On June 30, Mitchell purchases land and a building for $610,000. Assuming that he elects postponement of gain under § 1033, what is his recognized gain? Mitchell's recognized gain is $ Feedback Check My Work c. What is Mitchell's adjusted basis for the new land and building? Mitchell's adjusted basis for the new land and building i$450,000 V Feedback Check My Work d. If he does not elect § 1033, what are Mitchell's recognized gain and adjusted basis? If Mitchell does not elect § 1033, his recognized gain is , and his basis for the new land and building is

In ledland, unemployed adults receive government assistance. to reduce unemployment, the government proposes to supplement the income of those who accept jobs that pay less than government assistance, thus enabling employers to hire workers cheaply. however, the supplement will not raise any worker's income above what government assistance would provide if he or she were not gainfully employed. therefore, unemployed people will have no financial incentive to accept jobs that would entitle them to the supplement.which of the following, if true about ledland, most seriously weakens the argument of the editorial? (a) the government collects no taxes on assistance it provides to unemployed individuals and their families.(b) neighboring countries with laws that mandate the minimum wage an employer must pay an employee have higher unemployment rates than ledland currently has.(c) people who are employed and look for a new job tend to get higher-paying jobs than job seekers who are unemployed.(d) the yearly amount unemployed people receive from government assistance is less than the yearly income that the government defines as the poverty level.(e) people sometimes accept jobs that pay relatively little simply because they enjoy the work.