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In 2009, Pulco acquired inventory from its 75%-owned subsidiary, Sulco, for $250,000. Sulco's cost was $200,000. At 12/31/09, Pulco reported $40,000 of intercompany-acquired inventory in its balance sheet. The amount by which the 2009 consolidated net income that accrues to the controlling interest will be lower as a result of this being an intercompany transaction is:
a. $6,000.
b. $8,000.
c. $30,000.
d. $40,000.
e. none of these choices.
on an involuntary conversion in which the taxpayer does not buy replacement property within the replacement period the gain on the involuntary conversion and any tax due must be reported.
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