Under a plan of complete liquidation, key corporation distributes land (not a disqualified property) with an adjusted basis of $410,000 and an fmv of $300,000 for all sharon's stock. sharon's basis in her 5% interest in the key stock is $250,000. find sharon's basis in the land and key corporation's recognized gain or loss.

Kinc. has provided the following data for the month of may: inventories: beginning ending work in process $ 17,000 $ 12,000 finished goods $ 46,000 $ 50,000 additional information: direct materials $ 57,000 direct labor cost $ 87,000 manufacturing overhead cost incurred $ 63,000 manufacturing overhead cost applied to work in process $ 61,000 any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. the adjusted cost of goods sold that appears on the income statement for may is: