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Problem 1: Jack and Jill form a general partnership. Jack contributes a building with a fair market value of? $ 600,000 and a tax basis of? $700,000 for a 60? % capital and profits interest in the partnership. Jill performs services with a value of? $400,000 and receives a 40? % capital and profits interest in the partnership. What amount of gain? , loss or income must each partner recognize on the transaction??
A. Jack recognizes a? $100,000 loss? , Jill recognizes? $ 400,000 of ordinary income.B. Neither Jack nor Jill recognize any income or loss.C. Jack recognizes? $100,000 loss? , Jill recognizes no incomeor loss .D. Jack recognizes no gain or loss? , Jill recognizes? $400,000 of ordinary income.
Net income for the year ended December 31,2008, was $6,000. Assuming an income tax rate of 50 percent what would be the company's diluted earnings per share for the year ended December 31, 2008?
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