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Problem - On January 2 of the current year, Fenton and Myers form the FM LLC. Their contributions to the LLC are as follows:
Adjusted Basis
Fair Market Value
From Fenton:
Cash
$50,000
Accounts receivable
-0-
90,000
Inventory
25,000
60,000
From Myers:
200,000
Within 30 days of formation, FM collects the receivables and sells the inventory for $60,000 cash. How much income does FM recognize from these transactions, and what is its character? Why does this result apply?
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