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Problem 1 The followingt annets are to te transferred whet nection Bo for conntaleration...

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Accounting

Problem 1
The followingt annets are to te transferred whet nection Bo for conntaleration including common
mhares ghus boot an indleated below
Oroby anset in cilan
Irederinite arm.
For each of the assets transferred:
A. Assess whether they qualify for transfer under section 85.
B. Determine the minumum possible elected amounts.
C. Compute the efrects on income.
D. Indicate the maximum non-share consideration (boot) that can be taken and not create ary
incoome:
E. Determine what would happen if the non-share consideration on the land was $170,000 and on
the equiprment was $45,000.
Use the following format:
Consideration
image

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