|
Title: Apple Corporation and Banana Corporation file consolidated returns. In January 2007, Apple sold ... Post by: Mandarini on Feb 14, 2017 Apple Corporation and Banana Corporation file consolidated returns. In January 2007, Apple sold Banana property with a basis of $120,000 for its fair value of $150,000. Banana sold the property to an unrelated party in April 2008 for $200,000. What amount of gain should be reported for these transactions in the consolidated returns for 2011 and 2012?
A) 2007 2008 $30,000 $50,000 B) 2007 2008 $0 $50,000 C) 2007 2008 $30,000 $80,000 D) 2007 2008 $0 $80,000 Title: Re: Apple Corporation and Banana Corporation file consolidated returns. In January 2007, Apple sold ... Post by: genflynn on Feb 14, 2017 Content hidden
|