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Kim owns 100% of the stock of Cardinal Corporation. In the current year Kim transfers an installment obligation, tax basis of $30,000 and fair market value of $200,000, for additional stock in Cardinal worth $200,000.a. Kim recognizes no taxable gain on the transfer.
b. Kim has a taxable gain of $170,000.
c. Kim has a taxable gain of $180,000.
d. Kim has a basis of $200,000 in the additional stock she received in Cardinal Corporation.
e. None of the above.
Identify whether each transaction below is an operating, investing or financing activity. Assume the indirect method.
Hobson acquires 40% of the outstanding voting stock of Stokes Company on January 1, 2008,for $210,000 in cash. The book value of Stokes' net assets on the date was $400,000, although one company's buildings, with a $60,000 carrying value, was actu..
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