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Title: Silvia transfers to Leaf Corporation a machine she had purchased a year ago for $50,000. The machine ... Post by: Mandarini on Feb 14, 2017 Silvia transfers to Leaf Corporation a machine she had purchased a year ago for $50,000. The machine has a $40,000 adjusted basis and an $55,000 FMV on the transfer date. $10,000 in depreciation was claimed by Silvia prior to the transfer. Silvia receives all 1,000 shares of Leaf Corporation stock worth $50,000 and a two-year note with a $5,000 FMV. What is the amount and character of the recognized gain or loss?
A) $15,000 ordinary income B) $15,000 capital gain C) $5,000 ordinary income D) $5,000 capital gain Title: Re: Silvia transfers to Leaf Corporation a machine she had purchased a year ago for $50,000. The ... Post by: genflynn on Feb 14, 2017 Content hidden
Title: Re: Silvia transfers to Leaf Corporation a machine she had purchased a year ago for $50,000. The machine ... Post by: Mandarini on Jul 15, 2017 Definitely recommend this tutor and website!
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