Compute the amount of gain or loss to ludwig inc on transfer

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Problem

Ludwig, Inc., which owes Giffin Co. P800,000 in notes payable, is in financial difficulty. To eliminate the debt, Giffin agrees to accept from Ludwig land having a fair value of P610,000 and a recorded cost of P450,000. Get the instant assignment help. Compute the amount of gain or loss to Ludwig, Inc. on the transfer (disposition) of the land.

Reference no: EM133906287

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