Included in the identifiable net assets of sapphire company

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Included in the identifiable net assets of Sapphire Company on the date of its business combination with Palumbo Corporation was a building with an appraised value of $900,000 and a carrying amount of $600,000. If the Palumbo-Sapphire business combination met the requirements of a "tax-free corporate reorganization" for income tax purposes and the income tax rate was 40%, the current fair value of Sapphire's building for inclusion in the consolidated financial statements of Palumbo Corporation and subsidiary?

Reference no: EM13610094

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