Which of the following statements regarding farming income is correct? a) A full-time lawyer has income from his part-time farming activities. His farming income must be calculated on an accrual basis. Ob) A full-time lawyer has income from his part-time farming activities. His farming income must be calculated on a cash basis. Oc) A full-time lawyer recognized a $11,500 loss this year from his part-time farming activities. The maximum deduction allowed this year from the farm loss is $7,000. O d) A full-time lawyer recognized a $11,500 loss this year from his part-time farming activities. The maximum deduction allowed this year from the farm loss is $2,500.