In forming parts inc. as a corporation, candice transferred inventory to parts inc. in exchange for 30 percent of the corporation's stock (130 shares valued at $442,000). the inventory's fair market value was $474,000 and its adjusted tax basis to candice was $412,500. the inventory was subject to a $32,000 liability that parts inc. assumed on the transfer. candice borrowed the $32,000 from the bank (using the inventory as collateral) shortly before transferring the inventory to parts inc. and she used the loan proceeds to pay for a family vacation to europe. (negative amounts should be indicated by a minus sign. leave no answer blank. enter zero if applicable.)a. assuming the transfer qualifies under §351 and that the liability has a tax avoidance purpose, what gain or loss will candice recognize on the transfer?
b. assuming the original facts, what is candice's basis in the stock she received in the exchange?
c. suppose the liability does not have a tax avoidance purpose, what gain will candice recognize on the transfer?
d. assuming the facts in part c, what is candice's basis in the stock she received in the exchange?

Alicia has a collision deductible of $500 and a bodily injury liability coverage limit of $50,000. she hits another driver and injures them severely. the case goes to trial and there is a verdict to compensate the injured person for $40,000 how much does she pay?

United continental holdings, inc., (ual), operates passenger service throughout the world. the following data (in millions) were adapted from a recent financial statement of united. sales (revenue) $38,901 average property, plant, and equipment 17,219 average intangible assets 8,883 1. compute the asset turnover. round your answer to two decimal places.

In ledland, unemployed adults receive government assistance. to reduce unemployment, the government proposes to supplement the income of those who accept jobs that pay less than government assistance, thus enabling employers to hire workers cheaply. however, the supplement will not raise any worker's income above what government assistance would provide if he or she were not gainfully employed. therefore, unemployed people will have no financial incentive to accept jobs that would entitle them to the supplement.which of the following, if true about ledland, most seriously weakens the argument of the editorial? (a) the government collects no taxes on assistance it provides to unemployed individuals and their families.(b) neighboring countries with laws that mandate the minimum wage an employer must pay an employee have higher unemployment rates than ledland currently has.(c) people who are employed and look for a new job tend to get higher-paying jobs than job seekers who are unemployed.(d) the yearly amount unemployed people receive from government assistance is less than the yearly income that the government defines as the poverty level.(e) people sometimes accept jobs that pay relatively little simply because they enjoy the work.