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safezone safezone
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7 years ago
The City of Portland gives Data Corporation $60,000 cash and land worth $100,000 to induce it to move. The cash was not spent during the 12 months following contribution. The contribution results in
A) income recognition in the amount of $160,000 to the corporation at the time of contribution.
B) income recognition in the amount of $60,000 to the corporation 12 months after the time of contribution.
C) a zero basis in the land and $60,000 ordinary income to the corporation 24 months after the time of contribution if the cash is not used to purchase an asset.
D) a zero basis in the land and a $60,000 basis reduction in other assets.
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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#2
3 years ago
Thank you!
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#3
3 years ago
What I found at https://quizlet.com/318737412/acct-3260-chapter-2-flash-cards/, it claims, the answer ought to be (A) income recognition in the amount of $160,000 to the corporation at the time of contribution.
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