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On January 2 of the current year, Fenton and Myers form the FM LLC. Their contributions to the LLC are as follows:
Adjusted Basis
Fair Market Value
From Fenton: Cash
$ 50,000
Accounts receivable
-0-
90,000
Inventory
25,000
60,000
From Myers: Cash
200,000
Within 30 days of formation, FM collects the receivables and sells the inventory for $60,000 cash. How much income does FM recognize from these transactions, and what is its character?
Suppose the United States were to convert its tax system from an income tax to a national sales tax on sales of goods and services.
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