ACCT MISC D 12

Oklahoma State University - Stillwater

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ACCT MISC – SU12 Exam Questions And Answers Latest 2022/2023
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39

April 2023

2022/2023

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SU12 1. Ames and Roth form Homerun, a C corporation. Ames contributes several autographed baseballs to Homerun. Ames purchased the baseballs for $500, and they have a total fair market value of $1,000. Roth contributes several autographed baseball bats to Homerun. Roth purchased the bats for $5,000, and they have a fair market value of $7,000. What is Homerun’s basis in the contributed bats and balls? A. $0 B. $5,500 C. $6,000 D. $8,000 2. On July 1 of the current year, Rich, sole pr...
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