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LMN Inc. liquidated. As part of the liquidation, one shareholder, Larry, who owned 30 percent of the stock of LMN Inc., received as a distribution in exchange for all of his stock in the corporation, inventory worth $90,000 that had a basis to the corporation of $70,000. How much gain was recognized by LMN Inc. as a result of this liquidating distribution and what was the character of the gain?
the raattama corporation had sales of 3.5 million last year and it earned a 5 return after taxes on sales. recently the
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A fixed asset with a cost of $41000 and accumulated depreciation of $36000 is traded for a similar asset priced at $50000. Assuming a trade-in allowance of $4000, the cost basis of the new asset is?
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Which of the following is an artificial person recognized by law?
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