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Dallas inherited a 700 -acre farm about 7 years ago. This farmland has been in his family for many generations. He continues to use it

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Dallas inherited a 700 -acre farm about 7 years ago. This farmland has been in his family for many generations. He continues to use it as an active dairy farm. However, a very valuable iron ore mine was discovered on the property during a construction project. Dallas was advised thn inilye of his farmland increased by $1.9 million dollars. How much income, if any, must Dallas recognize as incomelin the current year? A) Dallas only must recognize income in excess of $1.9 million when he sells the farmland. B) Dallas must recognize $1.9 million in income in the current year. C) Dallas does not have to recognize any income related to the discovery in the current year. D) Dallas must recognize $1.9 in income when he extracts and sells the iron ore

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