Red blossom corporation transferred its 40 percent interest to tea company as part of a complete liquidation of the company. in the exchange, red blossom received land with a fair market value of $635,000. the corporation's basis in the tea company stock was $312,500. the land had a basis to tea company of $802,500. what amount of gain does red blossom recognize in the exchange and what is its basis in the land it receives?

You speak to a business owner that is taking in almost $2000 in revenue each month. the owner still says that they are having trouble keeping the doors open. how can that be possible? use the terms of revenue, expenses and profit/loss in your answer

In early january, burger mania acquired 100% of the common stock of the crispy taco restaurant chain. the purchase price allocation included the following items: $4 million, patent; $3 million, trademark considered to have an indefinite useful life; and $5 million, goodwill. burger mania's policy is to amortize intangible assets with finite useful lives using the straight-line method, no residual value, and a five-year service life. what is the total amount of amortization expense that would appear in burger mania's income statement for the first year ended december 31 related to these items?

Taking commercial paper means the holder acts honestly