Nigel and Frank Form NFS, Inc

question 52

Multiple Choice

Nigel and Frank form NFS, Inc. an electing S corporation, by combining the assets of their respective businesses. Nigel contributes $10,000 and assets worth $90,000 (adjusted basis of $60,000) for a 1/3 interest. Frank contributes $90,000 and assets worth $270,000 (adjusted basis of $150,000) for a 2/3 interest. NFS also assumes $60,000 of debt on Frank's assets. What is Nigel's basis in his stock?

• A)$70,000
• B)$90,000
• C)$100,000
• D)$120,000
• E)$160,000

Understand the legal framework for workplace accommodations and age discrimination.

Understand the different levels of measurement and identify examples of variables at each level.

Describe the types of variables used in research and their measurement scales.

Explain the purpose and application of descriptive and inferential statistics in research.

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Definitions:

Cosmetics

Products applied to the body to enhance or alter the appearance, typically including items like makeup, lotions, and fragrances.

Skillfully Applied

Expertly implemented or utilized in a practical situation.

Trustworthy

Describes something or someone reliable, dependable, and worthy of trust.