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Problem - In a qualifying reorganization, Cato exchanges $1,200,000 worth of stock and property valued at $500,000 ($245,000 basis) for all of Firestar's assets, which have a value of $1,700,000 and a $500,000 basis. Firestar distributes the property received from Cato. The exchange meets the § 368 requirements.
Required -
a. What is Cato's recognized gain/loss from the reorganization?
b. What is Firestar's recognized gain/loss from the reorganization?
tropical tours reported revenue of 414000 for its year ended december 31 2013. accounts receivable at december 31 2012
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Explain how absorption costing could provide undesirable incentives to management to build inventory. Include in your assessment how to best set up absorption costing systems to avoid this incentive and what types of measures and controls should be..
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