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Question 1- Ben's property, which has an adjusted basis of $45,000, is condemned by the state government. The authorities replace his property with other qualified property which cost them $120,000. What is Ben's recognized gain?
a- $35,000
b- $85,000
c- $0
d- $120,000
Question 2- Under the cash method of tax accounting, tax deductions are generally taken when:
a- Payment is made
b- The liability arises
c- There is net income to absorb the expense
d- None of the above
Provide definitions for strategic buyers and financial buyers in a prospective M&A transaction.
Suppose the exchange rate between U.S. dollars and Swiss francs is SF 0.9645 = $1.00, and the exchange rate between the U.S. dollar and the euro is $1.00 = 1.1934 euros. What is the cross-rate of euros to Swiss francs (Euro/SF)?
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Prepare a correct trial balance - Prepare the adjusting entries for the month of June - Prepared a classified balance sheet
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1 givenchy company sells 100000 wrenches for 12.00 per unit. fixed costs are 350000 and net income is 250000. what
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