Lithuania corporation operates a ferry service

Reference no: EM13690412

Lithuania corporation operates a ferry service and owns four barges. Lithuania exchanges one of the barges with an adjusted basis of $350000 for a used small barge with a FMV of $444000 and a $26000 computer. Without considering the exchange, Lithuania Corporation's taxable income is $700000. Determine Lithuania's

Reference no: EM13690412

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