3 Part 3 of 3 5 points 04:28:42 Required information Problem 19-57 (LO 19-4) (Static) [The following information applies to the questions displayed below.] Amy and Brian were investigating the acquisition of a tax accounting business, Bottom Line Incorporated (BLI). As part of their discussions with the sole shareholder of the corporation, Ernesto Young, they examined the company's tax accounting balance sheet. The relevant information is summarized as follows: Adjusted Tax Basis Appreciation FMV Cash $ 10,000 $ 10,000 Receivables 15,000 15,000 Building 100,000 50,000 50,000 Land 225,000 75,000 150,000 $ 350,000 Total 150,000 $ 200,000 Payables $ 18,000 $ 18,000 Mortgage* 112,000 112,000 $ $ Total 130,000 130,000 * The mortgage is attached to the building and land. 3 Par 3 of 3 Total points Sax Land 225.000 75,000 150,000 350,000 150,000 $ 200,000 Payables Mortgage* $ 18,000 $ 18,000 112,000 112,000 $ Total 130,000 130,000 * The mortgage is attached to the building and land. Emesto was asking for $400,000 for the company. His tax basis in the BLI stock was $100,000. Included in the sales price was an unrecognized customer list valued at $100,000. The unallocated portion of the purchase price ($80,000) will be recorded as goodwill. (Negative amounts should be indicated by a minus sign.) Problem 19-57 Part c (Static) c1. What are the tax benefits, if any, to Amy and Brian as a result of structuring the acquisition as a direct asset purchase? c2. What is the tax basis in the assets received by Amy and Brian? Answer is not complete. 3 Part 3 of 3 5 points wnown my wOINTIQUE. This Snows what is correct or incorrect for the work you have completed sc Required information c2. What is the tax basis in the assets received by Amy and Brian? Answer is not complete. Complete this question by entering your answers in the tabs below. 04:28:08 Req c1 Req c2 What is the tax basis in the assets received by Amy and Brian? Cash Accounts receivable Building Land Customer list Goodwill Total 10,000 15.000 50.000 X 75.000 S 150,000