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Mandarini Mandarini
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7 years ago
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
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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genflynngenflynn
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7 years ago
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We have the most crude accounting tools. It's tragic because our accounts and our national arithmetic doesn't tell us the things that we need to know.

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Mandarini Author
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7 years ago
Thank you, thank you, thank you!
jbarnett14
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Yesterday
Helped a lot
Ifekwunigwe
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2 hours ago
Brilliant ツ
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