1. Charlie Corporation transfers $700,000 stock and land with a value of $200,000 (basis of $95,000) to Sebago for most of its assets. The only asset not acquired in the Type A reorganization, a crane, is distributed to Sebagos shareholder, Betty.
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The financial statements for Barrington Service Company include the following items: 2019 2018 Cash $43,500 $47,000 Shortminusterm Investments 31,000 16,000 Net Accounts Receivable 62,000 56,000 Merchandise Inventory 165,000 51,000 Total Assets
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