Cherie transfers two assets to a newly-created corporation. The first asset has an adjusted basis of $40,000 and an FMV of $50,000. The second asset has an adjusted basis of $35,000 and an FMV of $25,000. Cherie receives stock with an FMV of $66,000 and $9,000 cash. Cherie must recognize a gain of
A) $10,000.
B) $6,000.
C) $5,000.
D) $4,000.
B) $6,000.
a (2/3 × $9,000)
b (1/3 × $9,000)
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After aging the accounts receivable, it is estimated that $1,000 will not be collected, and the allowance account before adjustment has an existing credit balance of $400 . If the accounts receivable total $100,000, the net receivables after adjustment would be
a. $99,000; b. $99,400; c. $99,600; d. $98,000; e. none of these.
How is the unit contribution margin calculated?
What will be an ideal response?
You are planning to write a memo to the manager of the accounting department. You want to convince her to outsource more of her team's work and downsize the existing team.
a. What question can you ask yourself to help you adapt your memo to your audience? b. How can I make my audience feel sorry for me? c. What's in it for my audience? d. How can I intimidate my audience?
A justification report and an exception report have a similar purpose
Indicate whether the statement is true or false