On January 6 of the current year Paxton and Jackson form PJ LLC. Their contributions to the LLC are as follows:

Adjusted Basis Fair Market Value

From Paxton:

Cash $680,000 $680,000

Temporary investments $118,000 $120,000

Accounts receivable $0 $540,000

Inventory $840,000 $880,000

From Jackson:

Cash $1,850,000 $1,850,000

Supplies $370,000 $370,0

Required:

1. Within 30 days of formation, PJ collects the receivables and sells the inventory for $60,000 cash. How much income does PJ recognize from these transactions, and what is its character?

The purpose of the transportation approach for location analysis is to minimize which of the following? a. total costsb. total fixed costsc. the number of shipmentsd. total shipping costse. total variable costs

What tax is paid by the most people in the united states

Upper a report about the decline of western investment in third world countries included this: "after years of daily flights comma several european airlines halted passenger service. foreign investment fell 400 percent during the 1990 s." what is wrong with this statement? choose the correct answer below. a. if foreign investment fell by 100 % comma it would be totally eliminated comma so it is not possible for it to fall by more than 100 %. b. the actual amount of the decrease in foreign investment is less than 100%. c. if foreign investment fell by 100%, it would be cut in half. thus, a decrease of 200% means that it would be totally eliminated, and a decrease of more than 200% is impossible. d. the statement does not mention the initial amount of foreign investment.