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Silvia transfers to Leaf Corporation a machine she had purchased a year ago for $50,000. The machine has a $40,000 adjusted basis and a $55,000 FMV on the transfer date. $10,000 in depreciation was claimed by Silvia prior to the transfer. Silvia receives all 1,000 shares of Leaf Corporation stock worth $50,000 and a two-year note with a $5,000 FMV. What is the amount and character of the recognized gain or loss?
1 $5,000 capital gain
2 $15,000 capital gain
3 $5,000 ordinary income
4 $15,000 ordinary income
What portion of the unrealized intercorporate profit is eliminated in a downstream sale? In an upstream sale? Explain.
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Capital investments are the key to the future of every company. These investments initially cost a company thousands to billions of dollars.
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