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Question: The SMF Company purchased 900 Company K bonds on December 1, 20X5, for $1,000 per bond. When it purchased these bonds, SMF did not intend to sell them in the short-term in order to raise cash or to hold onto them until maturity. It purchased 1,000 shares of Company O's stock at $70 per share on December 3, 20X5. Company O has issued 10,000,000 shares of stock. It sold 400 shares of Company O stock on December 16, 20X5, for $72 per share. On December 29, 20X5, Company O paid SMF $100 in dividends and Company K paid SMF $85 in interest. At the end of December, Company O's stock was selling for $73 per share and Company K's bonds were selling for $1,010 per bond. How would these transactions be reflected on SMF's financial statements issued as of December 31, 20X5?
The stock received by Karen has a fair market value of $550,000. What is the amount of the corporation basis in the land
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