Business, 23.04.2020 04:27 quinten3700

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?

Answers: 2

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

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