Question
Dr. cole m.d has practiced medicine as a sole proprietorship for many years. during jan 2021, dr cole, who uses the cash method of accounting
Cash: $40,000
Unrealized accounts receivable: 300,000
Equipment (basis): 10,000
Building (basis): 50,000
Accounts payable (for routine deductible expenditures): 150,000
what is Dr cole's recognized gain and basis in his stock following the transfer?
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College Accounting Chapters 1-30
Authors: John Price, M. David Haddock, Michael Farina
15th edition
1259994975, 125999497X, 1259631117, 978-1259631115
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