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John Inc and Victor Inc.formed a joint venture on January 1,2010.John invested plant and equipment with a book value of $500,000 and a fair value of $800,000 for a 30% interest in the venture which was to be called Jinxtor Ltd.Victor contributed assets with a fair value of $2,000,000 (including $200,000 in cash) for its 70% stake in Jinxtor.Jinxtor reported a net income of $3,000,000 for 2010.John's plant and equipment were estimated to provide an additional 5 years of utility to Jinxtor.
-Assume that the facts provided above with respect to the Jinxtor joint venture remain unchanged except that John receives $200,000 in return for investing its plant and equipment.What would be the recognizable gain on January 1,2010 arising from Jinxtor's investment?
Smith v. Allwright
A landmark 1944 United States Supreme Court decision that prohibited racial discrimination in primary elections.
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An influential American magazine magnate who co-founded and headed Time Inc., which published several major magazines including Time, Life, Fortune, and Sports Illustrated.
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A political and social movement that advocates for the solidarity and connectivity of black people globally against racism, colonialism, and imperialism.
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A longstanding American magazine that began publication in 1821, known for its journalism, fiction, and illustrations.
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