Exposure of the patient’s chest reveals a large bruise on the lateral aspect of the right side of the chest. When you palpate the area, the patient yells out in pain and states that he cannot take a deep breath, and you fell crepitus. What condition should you suspect?
Read DetailsRick transferred the following assets and liabilities to Warbler Corporation. Adjusted Basis Fair Market Value Building $210,000 $225,000 Equipment 45,000 75,000 Trucks 15,000 30,000 Mortgage (held for four years) on building 30,000 30,000 In return, Rick received $75,000 in cash plus 90% of Warbler Corporation’s only class of stock outstanding (fair market value of $225,000). Discuss all tax consequences to Rick and Warbler.
Read DetailsExposure of the patient’s chest reveals a large bruise on the lateral aspect of the right side of the chest. When you palpate the area, the patient yells out in pain and states that he cannot take a deep breath, and you fell crepitus. What condition should you suspect?
Read DetailsDawn, a sole proprietor, was engaged in a service business and reported her income on a cash basis. Later, she incorporates her business and transfers the assets of the business to the corporation in return for all the stock in the corporation plus the corporation’s assumption of the liabilities of her proprietorship. All the receivables and the unpaid trade payables are transferred to the newly formed corporation. The assets of the proprietorship had a basis of $105,000 and fair market value of $300,000. The trade accounts payable totaled $25,000. There was a note payable to the bank in the amount of $95,000 that the corporation assumes. The note was issued for the purchase of computers and other business equipment. What is Dawn’s gain or loss from this transaction?
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