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Question - Jack transferred a tiny stand-alone office building in St. John's with an adjusted basis of $75,000 and the fair market value of $130,000 to ABC Corporation in exchange for 80% of ABC's stock plus a car with an adjusted basis to ABC of $25,000. The fair market value of the car was $30,000 and the fair market value of the stock was $100,000. What is ABC's basis in the building?
a. $130,000
b. $75,000
c. $100,000
d. $105,000
Othello is a small pharmaceuticals store in Sydney. Determine the cost of the inventory that was destroyed, for insurance purposes.
A $550,000 bond issue on which there is an unamortized discount of $38,000 is redeemed for $470,000. Journalize the redemption of the bonds
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