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Volgvan
3 years ago
8

Jalen transferred his 10 percent interest to Wolverine Company as part of a complete liquidation of the company. In exchange, he

received land with a fair market value of $100,000. Jalen's basis in the Wolverine stock was $50,000. The land had a basis for Wolverine Company of $80,000. What amount of gain does Jalen recognize in the exchange and what is his basis in the land he receives?
Business
1 answer:
Tamiku [17]3 years ago
5 0

Answer:

$50,000 and $100,000

Explanation:

The recorded amount is shown below:

Since in the question, it is mentioned that the land fair market value is $100,000. His basis in stock was $50,000 and the land basis is $80,000

So, the gain on the exchange would be recognized of $50,000 whereas the land basis should be reported on the fair market value, not on the land basis. So, it would be reported for $100,000

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Answer:

C. team composition

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Suppose that Juan Carlos is filling out a survey that he received in the mail. The survey would do if the price of his favorite
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Answer:

A. The definition of a market in determining the price elasticity of demand.

Explanation:

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