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2. Kassim Company purchased an asset by paying $35,000 cash and giving the seller its 3-year note for $240,000. Which of the following statements is
2. Kassim Company purchased an asset by paying $35,000 cash and giving the seller its 3-year note for $240,000. Which of the following statements is true? A. Kassim's book basis and tax basis in the asset is $275,000 B. Kassim's book basis is $275,000, but its tax basis is $35,000. C. Kassim's book basis and tax basis in the asset is $35,000. D. If Kassim is a cash basis taxpayer, its initial tax basis in the asset is zero
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