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Abada Inc. has a $925,000 basis in 100% of the stock of AbWest Inc., which derives all its income from a manufacturing activity. If Abada determines that the AbWest stock is worthless, it can recognize a $925,000 ordinary loss.
Sales Tax
A tax imposed by a government on the sale of goods and services.
List Price
The manufacturer's suggested retail price of a product before any discounts or allowances.
Purchases Discount
A reduction in the amount payable by a buyer to a seller, if the payment on the purchase is made within a specified period.
Chart Of Accounts
A list of the accounts in the ledger.
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