Guill corporation was undergoing reorganization under the

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Guill corporation was undergoing reorganization under the bankruptcy laws. The shareholders, who had made loans of $200,000 to the corporation, agreed to accept additional stock with a value of $150,000 instead of repayment on the debt.

The Old line insurance company, which had a $300,000 mortgage on the building, agreed to reduce the principal to $250,000. A trade creditor with a receviable of $150,000 from the company agreed to accept $60,000 in full payment for the debt incurred to purchase goods that were still on the hand. Finally, the company transferred some equipment with an adjusted basis of $50,000 in satisfaction of a liability of $60,000.

Computer the corporation's gross income and other adjustments necessary as a result of above transactions.

Reference no: EM13598833

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