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Problem - Rod Clooney purchases Agnes Mitchell's sole proprietorship for $990,000 on August 15, 2019. The assets of the business are:
Asset
Agnes's Adjusted Basis
FMV
Accounts receivable
$ 70,000
Inventory
90,000
100,000
Equipment
150,000
160,000
Furniture and fixtures
95,000
130,000
Building
190,000
250,000
Land
25,000
75,000
Total
$620,000
$785,000
Required -
a. Calculate Agnes's realized and recognized gain.
b. Determine Rod's basis for each of the assets.
c. Write a letter to Rod informing him of the tax consequences of the purchase. His address is 300 Riverview Drive, Delaware, OH 43015.
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