Apple corporation and banana corporation file consolidated returns. in january 2007, apple sold banana property with a basis of $120,000 for its fair value of $150,000. banana sold the property to an unrelated party in april 2008 for $200,000. what amount of gain should be reported for these transactions in the consolidated returns for 2011 and 2012?

What two elements normally must exist before a person can be held liable for a crime

Last week paul, ceo of quality furniture in south carolina, traveled to europe to visit customers. while overseas, paul checked his e-mail daily and showed his company's website to customers, explaining how the website will them place orders and receive merchandise more quickly. after visiting the last customer friday morning, paul was able to return to the corporate office in south carolina to meet with his board of directors that night. is the "shrinking" of time and space with air travel and electronic media.

Perez, inc., applies the equity method for its 25 percent investment in senior, inc. during 2018, perez sold goods with a 40 percent gross profit to senior, which sold all of these goods in 2018. how should perez report the effect of the intra-entity sale on its 2018 income statement?