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Laine and Emma form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a fair market value of $100,000.
a. How much gain, if any, must Emma identify on the transfer? Must Laine recognize any gain?
b. Evaluate what is Emma's basis in her partnership interest?
c. Find what is Laine's basis in her partnership interest?
d. What basis does the partnership take in property transferred by Laine?
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Explain in detail an ethical dilemma in business that you or a coworker experienced and how it was resolved and besides the TV test, do you know of other tests for ethical decision making?
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Shareholders in the consolidated income statement
Dotty's insurance company reimbursed therefore $8,800 of these expenses. If Dotty's AGI is $47,200, evaluate her medical expense deduction.
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Explain what could be the reported net asset balance of the subsequent categories during 2011: permanent restricted, temporarily restricted, unrestricted
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