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.

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.