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Springfield Corp. has equipment that, due to changes in its use, is being reviewed for possible impairment. The asset's carrying amount is $800,000 reflecting its $1,000,000 original cost, less $200,000 in accumulated depreciation. The expected, undiscounted, net cash flows from the use of the asset and the eventual disposition are determined to be $760,000, and it has a current market value of $710,000. What is the amount of the impairment, if any, that should be recorded by Springfield Corp?
A. $ 0
B. $ 40,000
C. $ 90,000
D. $240,000
E. $300,000
F. $ 50,000
Hassan Headgear is a baseball cap shop in Santa Cruz, CA, that began business on April 13, 2008. The company had the following inventory purchase records for the month.
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The IRS assesses the portion of the estate tax related to this gift that Sabrina previously received against Sabrina under the rules relating to transferee liability. Is Sabrina liable for the estate tax?
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