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Your client, Big Corporation, and its wholly owned subsidiary, LittleCo, file a consolidated return for Federal income tax purposes. Indicate both the financial accounting and the tax treatment of the following transactions.
a. LittleCo pays a $1 million dividend to Big.
b. LittleCo sells investment land to Big. LittleCo's basis in the land is $200,000. The sale price is $600,000.
c. Six months after purchasing the land from LittleCo, Big sells the investment land to Phillips, an unrelated party, for $750,000.
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What will be reported on government-wide financial statements in connection with this gift and how does the answer to need (a) change if the government decides to depreciate this asset over a 10-year period using straight-line depreciation?
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How would you improve it? Calculate alternative rates that you would use and explain why you think it would help Rex. You should draw on information provided in Tables 1 to 4 to support your recommendation.
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