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Reba, a cash basis accountant, transfers all of the assets and liabilities of her practice to Able Corporation in exchange for all of Able Corporation's stock. The assets include $20,000 of accounts receivable. What is the Corporation's basis in the receivables? Will the corporation be taxed on the receivables, as they are collected?
Competitive Rate
An interest rate, price, or charge that is favorable compared to those offered by competitors.
Residences
Places where individuals live or dwell for a period of time.
Flat Screen Television
A slim television with a flat display technology, such as LCD, LED, or plasma, as opposed to older, bulkier CRT screens.
Weighted-Average Number
A calculation that takes into account the varying degrees of importance of the numbers in a dataset, giving some numbers more weight than others.
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