Select TWO 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 of the current year, 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? b. On June 30, Mitchell purchases land and a building for $610,000. Assuming that he elects the maximum postponement amount, what is his recognized gain? c. What is Mitchell’s adjusted basis for the new land and building? d. If he does not elect § 1033, what are Mitchell’s recognized gain and adjusted basis? e. Suppose he invests the $625,000 condemnation proceeds in the stock market on June 30. What is Mitchell’s recognized gain?

a. The earliest date that Mitchell can acquire a new restaurant and qualify for  § 1033 postponement is March 12

b. On June 30

Mitchell purchases land and a building for $610,000

Recognized gain = Condemnation proceed - Adjusted basis

= $625,000 - $450,000

= $175,000

Mitchell's recognized gain is limited to $625,000 - $610,000 = $15,000

Thus, Mitchell's recognized gain is $15,000

c. Adjusted basis for the new land and building = Cost of land and building - Postponed gain = $610,000 - $160,000 = $150,000. Thus, adjusted basis for the new land and building purchase by Mitchell is $450,000

d. Realized gain = $625,000 - $450,000 = $175,000. Thus, the unrealized gain by not option for section §  loss = $175,000 and the adjusted basis for new land and building is $610,000

e. Under the section § 1033 , as no replacement property to purchased. Mitchell's recognized gain = $175,000

multiculturalism is a particular subject of debate in certain european nations that are associated with the idea of a single nation within their country. critics of multiculturalism may argue against cultural integration of different ethnic and cultural groups to the existing laws and values of the country.

so yes, multiculturalism can (and usually does) result in the host country/continent losing its culture, identity and linguistics, especially due to the raw numbers of demographic transitions.

explanation: