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 4, 2013, state authorities notify Mitchell that his property is going to be condemned so that the highway can be widened. On June 20, Mitchells property is officially condemned, and he receives an award of $625,000. Because Mitchells business has been 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 thathe elects postponement of gain under 1033, what is his recognized gain?c. What is Mitchells adjusted basis for the new land and building?d. If he does not elect 1033, what are Mitchells recognized gain and adjustedbasis?e. Suppose he invests the $625,000 condemnation proceeds in the stock market onJune 30. What is Mitchells recognized gain?