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Unformatted text preview: consequences to Sound & Fury? Solution: Sound & Fury has no gross income from capital contributions, whether from shareholders or not. Code Sec. 118. However, the building basis is zero and anything acquired with the cash also has a zero basis. Code Sec. 362(c)....
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This note was uploaded on 02/21/2012 for the course ACCOUNTING 553 taught by Professor James during the Spring '12 term at DeVry Phoenix.
- Spring '12