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Jones Mills Incorporated (JMI) decided to liquidate its wholly owned subsidiary, Most Help, Incorporated (MH). MH had the following tax accounting balance sheet: (Negative
Jones Mills Incorporated (JMI) decided to liquidate its wholly owned subsidiary, Most Help, Incorporated (MH). MH had the following tax accounting balance sheet: (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Adjusted Tax Basis $ 289,800 Appreciation (Depreciation) FMV Cash Building Land $ 289,800 62,800 227,000 14,300 294,000 Total $ 579,600 $ 598,100 $ (18,500) 48,500 (67,000) c. What is JMI's adjusted tax basis in the building and land after the complete liquidation? Building Land Tax basis
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