C is corrent. Generally, gains and losses on the sale of land are not accorded special treatment. The entire $100,000 gain should, therefore, be included in income before taxes. The gain is not reported as an extraordinary item because it does not meet the criteria of unusual and infrequent.
A is incorrect. Generally, gains and losses on the sale of land are not accorded special treatment. The entire $100,000 gain should, therefore, be included in income before taxes. The gain is not reported as an extraordinary item because it does not meet the criteria of unusual and infrequent.
A is incorrect. Generally, gains and losses on the sale of land are not accorded special treatment. The entire $100,000 gain should, therefore, be included in income before taxes. The gain is not reported as an extraordinary item because it does not meet the criteria of unusual and infrequent.
D is incorrect. Generally, gains and losses on the sale of land are not accorded special treatment. The entire $100,000 gain should, therefore, be included in income before taxes. The gain is not reported as an extraordinary item because it does not meet the criteria of unusual and infrequent.
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