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) Tick Corporation and Tock Corporation run two clock stores. They file a consolidated return on a calendar-year basis. In Year 1, Tick sold land
) Tick Corporation and Tock Corporation run two clock stores. They file a consolidated return on a calendar-year basis. In Year 1, Tick sold land with a basis of $15,000 to Tock for $21,000, although it was worth $29,000. In Year 2, Tock sold this land to Mouse, an unrelated third party, for $50,000. How much gain should be reported on the consolidated return in each year? Year 1 Year 2 $0 $29,000 $14,000 $21,000 $21,000 $29,000 D $0 $35,000
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