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zloy xaker [14]
3 years ago
7

Tristan transfers property with a tax basis of $1,245 and a fair market value of $1,750 to a corporation in exchange for stock w

ith a fair market value of $1,245 and $399 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $106 on the property transferred. What is the corporation's tax basis in the property received in the exchange
Business
1 answer:
Bas_tet [7]3 years ago
6 0

Answer: $1644

Explanation:

The corporation's tax basis will be the addition of the tax basis of Tristan and the gain that is recognized on the exchange by Tristan.

Gain realized = 1750 - 1245 = 505

Boot received = 399

The gain recognized on the exchange will the value that's lower between the gain realized which is $505 and the boot received which is $399. Therefore, gain recognized = $399.

The corporation's tax basis will then be:

= Tristan Tax basis + Gain recognized

= 1245 + 399

= 1644

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2 years ago
A company started a new product, and in the first month started 100,000100,000 units. The ending work in process inventory was 2
sukhopar [10]

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Explanation:

Calculation for What is the value of the inventory transferred out, using the weighted-average inventory method

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Equivalent material cost= 120,000

Second step is to calculate Equivalent conversion cost

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melomori [17]

Answer:

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Explanation:

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noname [10]

Answer:

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