Red Blossom Corporation transferred its 40 percent interest to Tea Company as part of a complete liquidation of the company. In the exchange, Red Blossom received land with a fair market value of $545,000. The corporation's basis in the Tea Company stock was $500,000. The land had a basis to Tea Company of $780,000. What amount of gain does Red Blossom recognize in the exchange and what is its basis in the land it receives

Joshua is a millionaire, and he manages several successful companies. he usually interacts with people of similar status. given this information, joshua and the people he interacts with are part of a

How could brian, who doesn't want his car insurance premiums to increase, show he poses a low risk to his insurance company? a: drive safely to avoid accidents and traffic citations b: wash and wax his car regularly to keep it clean c: allow unlicensed drivers to drive carelessly in his car d: incur driver's license points from breaking driving laws

Wilson company paid $5,000 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $5,000, and no adjustments had been made previously. the adjusting entry required on december 31 is: (a) debit cash. $5,000: credit prepaid insurance. $5,000. (b) debit prepaid insurance. $2,500: credit insurance expense. $2500. (c) debit prepaid insurance. $1250: credit insurance expense. $1250. (d) debit insurance expense. $1250: credit prepaid insurance. $1250. (e) debit insurance expense. $2500: credit prepaid insurance. $2500.