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MGMT 343 Writing Assignment Due Sunday, November 19, 2023 Mick, Keith, Charlie, and Ronnie formed...

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Accounting

MGMT 343 Writing Assignment Due Sunday, November 19, 2023 Mick, Keith, Charlie, and Ronnie formed a corporation on March 1, 2023. Mick contributed computer equipment with a FMV of $110,000 and an adjusted basis of $100,000 for 25 percent of the stock in the corporation. In addition, he received $10,000 worth of furniture from the corporation. Keith contributed an office building with a FMV of $350,000 and a basis of $210,000 for 25 percent of the stock in the corporation. The building has a mortgage of $250,000 that was also transferred to the corporation. Charlie contributed engineering design services with a FMV of $90,000 and $10,000 in cash for 25 percent of the stock in the corporation. Ronnie contributed furniture with a fair market value (FMV) of $100,000 and an adjusted basis of $120,000 for 25 percent of the stock in the corporation. Assignment Write short professional paragraphs for the body of a letter (letter format is not necessary) clearly explaining to the clients (Mick, Keith, Charlie, and

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