Carl transfers land with a fair market value of $120,000 and basis of $30,000, to a new corporation in exchange for 85 percent of the corporation's stock. The land is subject to a $45,000 liability, which the corporation assumes. What amount of gain must Carl recognize as a result of this transaction?
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Beck company had the following accounts and balances at the end of the year. what is net income or net loss for the year? cash $ 74 comma 000 accounts payable $12,000 common stock $21,000 dividends $12,000 operating expenses $ 13 comma 000 accounts receivable $ 49 comma 000 inventory $ 47 comma 000 longminusterm notes payable $33,000 revenues $ 91 comma 000 salaries payable $ 30 comma 000
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Carl transfers land with a fair market value of $120,000 and basis of $30,000, to a new corporation...
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