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Troyanec [42]
3 years ago
5

An individual client asks a CPA to determine whether the client is solvent for federal tax purposes. The client has assets consi

sting of cash and marketable securities with a basis of $250,000 and a fair market value of $155,000. The client has liabilities of $175,000, which include $130,000 of non-dischargeable liabilities under the Bankruptcy Code. Which of the following statements is correct?
Business
1 answer:
allochka39001 [22]3 years ago
6 0

Answer:

The client is insolvent since the client's liabilities exceed the fair market value of the client's assets by $20,000

Explanation:

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Artyom0805 [142]

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