Mark, an accrual basis taxpayer, incorporates his sole proprietorship. Among the liabilities transferred to the...
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Accounting
Mark, an accrual basis taxpayer, incorporates his sole proprietorship. Among the liabilities transferred to the new corporation are trade accounts payable of $100,000 and a credit card bill of $5,000. Mark had used the credit card to purchase an anniversary gift for his spouse. Determine the amount of boot. $0
$5,000
$100,000
$105,000
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