Dennis contributed business assets to a new business in exchange for stock in the company. the exchange did not qualify as a tax-deferred exchange. the fair market value of these assets was $370,000 on the contribution date. dennis’s original basis in the assets he contributed was $218,000, and the accumulated depreciation on the assets was $136,500. what is the business's basis in the assets it received from dennis? what would be the business's basis if the transaction qualified as a tax-deferred exchange?

What two elements normally must exist before a person can be held liable for a crime

Prepare a 250-500-word response to mrs. turner's questions about predicting final scores, statistical significance, and whether a store location should be closed based on the data provided. explain your approach and the rationale for this method. evaluate the outcomes of your regression model and the responses to mrs. turner's questions.

In march 2018, the phillips tool company signed two purchase commitments. the first commitment requires phillips to purchase inventory for $110,000 by june 15, 2018. the second commitment requires the company to purchase inventory for $160,000 by august 20, 2018. the company's fiscal year-end is june 30. phillips uses a periodic inventory system. the first commitment is exercised on june 15, 2018, when the market price of the inventory purchased was $90,000. the second commitment was exercised on august 20, 2018, when the market price of the inventory purchased was $125,000. required: prepare the journal entries required on june 15, june 30, and august 20, 2018, to account for the two purchase commitments. assume that the market price of the inventory related to the outstanding purchase commitment was $144,000 at june 30. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)