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safezone safezone
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7 years ago
Homewood Corporation adopts a plan of liquidation on June 15 and shortly thereafter sells a parcel of land on which it realizes a $50,000 gain (excluding the effects of a $5,000 sales commission). Homewood pays its legal counsel $2,000 to draft the plan of liquidation. The accountant fees for the liquidation are $1,000, which are also paid during the year. What is Homewood Corporation's realized gain on the sale of land and deductible liquidation expenses?
A)
Gain   Liquidation Expenses
$45,000   $3,000

B)
Gain   Liquidation Expenses
$50,000   $2,000
   
C)
Gain   Liquidation Expenses
$55,000   $3,000
   
D)
Gain   Liquidation Expenses
$50,000   $1,000
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
Authors:
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That's not philosophy, it's geometry
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RimounRimoun
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safezone Author
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7 years ago
You make an excellent tutor!
jbarnett14
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Yesterday
I appreciate what you did here, answered it right Smiling Face with Open Mouth
Roselalo
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2 hours ago
Smart ... Thanks!
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