Book1 - 450,000.00 500,000.00 50,000.00 Furniture and...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Asset 30-Jun-05 30-Jun-06 Book Net FMV BIG Cash 100,000.00 100,000.00 None A/R 250,000.00 250,000.00 None Inventory 450,000.00 450,000.00 500,000.00 50,000.00 Furniture 300,000.00 Depre (120,000.00) 180,000.00 100,000.00 Land 280,000.00 280,000.00 - - A/P 145,000.00 (145,000.00) Note Paya 200,000.00 (200,000.00)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Net Unrealized Built-in Gains as of July 1, 2005 Built in Gains Adjusted Basis FMV Unrealized Gain/ (Loss) Inventory (FIFO)
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 450,000.00 500,000.00 50,000.00 Furniture and Fixtures 180,000.00 100,000.00 (80,000.00) Investment Land 280,000.00 850,000.00 570,000.00 Net Unrealized Built-in Gains 540,000.00 Net Recognized built-in Gain Inventory 50,000.00 Tax Computation: 35% of smaller of Net unrealized built-in gain 540,000.00 Net Recognized built-in Gain 50,000.00 Pro forma taxable income until December 2005 (200,000.00) 17,500.00 Tax Liability...
View Full Document

Page1 / 2

Book1 - 450,000.00 500,000.00 50,000.00 Furniture and...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online