Which statement best describes the concept of realization as it applies to gain or loss?...
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Accounting
Which statement best describes the concept of realization as it applies to gain or loss?
A. Realization is the recording of gain or loss on a tax return.
B. Realization is the result of an exchange of property rights in a transaction.
C. Realization is the excess of amount realized over adjusted basis.
D. Realization is the excess of adjusted basis over amount realized.
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