Locust corporation desires to set up a distribution, Accounting Basics

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Locust corporation desires to set up a distribution

Locust Corporation desires to set up a distribution facility in a southern state. After considerable negotiations with a small town in Alabama , Locust accepts the following offer: land (fair market value of $3million) and cash of 1million.

a. How much gain, if any, must Locust Corporation recognize?

b. What basis will Locust Corporation have in the land?

c. Within one year of the contribution, Locust constructs a building for $800,000 and purchased inventory for $200,000. What basis will Locust Corporation have in each of these assets?

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Accounting Basics: Locust corporation desires to set up a distribution

Reference No:- TGS0597889

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Locust corporation desires to set up a distribution

Reference No:- TGS0597889

Recent Questions Asked Accounting Basics

Q : Prepare the journal entries necessary to bring the companys

Q : In the foreign exchange market if the interest rate on

Q : Suppose an ideal monatomic gas at an initial temperature of

Q : An n-type piece of silicon with a length of 21um and a

Q : Locust corporation desires to set up a distribution

Q : Calculate the amount of accumulated depreciation relating

Q : A copper wire is strectched with a stress of 10ksi at 20deg

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Q : The lease terms call for a 10000 lease payment 4 payments

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