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What amount of income will jacob s corporation report

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Reference no: EM132959712

Question - Jacob exchanged a computerized phone system used by the corporation for a different computerized phone system owned by Sandalwood Products, Inc. Both phone systems were purchased three years ago. Jacob's basis in his phone system was $19,500. The basis of the phone system from Sandalwood Products, Inc. was $19,000. Jacob paid an attorney $1,750 to prepare the contract for the exchange. What amount of income will Jacob's S corporation report in the current tax year?

a. $635,861

b. $651,486

c. $641,085

d. $632,486

Reference no: EM132959712

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