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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?
Musical Compositions
Works of music, including both the musical notes and lyrics, protected by copyright law.
Plaintiff-Nurse
is not a standard term but could refer to a nurse who has filed a legal action or lawsuit, often in the context of employment or professional disputes.
Protective Gear
Equipment designed to safeguard the wearer from physical harm or injury, often used in hazardous work environments or sports.
Assistance of Counsel
The right of a defendant to have the help of a lawyer for their defense, guaranteed by the Sixth Amendment of the U.S. Constitution.
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