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Question - Unicorn and Zebra form the UZ Co., a partnership. Unicorn contributes inventory with fair market value of $650,000 and an adjusted basis of $200,000 and cash of 350,000 for a 50% interest in the partnership. Zebra contributes computers, hardware, and proprietary software with a fair market value of $1,000,000 and a tax basis of $300,000 for a 50% interest in the partnership. The computer hardware, which was purchased from IBM on credit, is subject to an equipment loan of $300,000.
Please discuss the tax impact to:
1. Unicorn,
2. Zebra, and
3. UZ Co.
On December 1, 2010, Sandburg sold $300,000 of net accounts receivable to Wunsch Company for $270,000. The receivables were sold outright on a without-recourse basis.
Assume the selling price is $10 per unit. Calculate the amount of net income Johnson Company would report from producing and selling 150,000 units
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dousmann corp.s sales slumped badly in 2014. for the first time in its history it operated at a loss. the companys
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Prepare an appropriate journal entry to indicate the impact of the transactions on the city's fund financial statements for the year ending December 31, 2011.
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