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Justin and Tiffany form the equal TJ Partnership. Justin contributes cash of $300,000. Tiffany contributes property with an adjusted basis of $200,000 and a fair market value of $300,000.
a) How much gain, if any, must Justin recognize on the transfer? Must Tiffany recognize any gain?b) What is Justin's basis in the partnership?c) What is Tiffany's basis in her partnership interest?d) What basis does the partnership take in the property transferred by Tiffany?
Nichols Company has a selling price of $150 per unit, variable costs $90 per unit and total fixed costs of $300,000. The number of units that Nichols Company must sell to reach targeted operating income of $90,00 is:
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If a stockholder receives a dividend that reduces retained earnings by the fair market value of the stock, the stockholder has received a
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