Homework: Chapter C:2 Homework Save MyLab Accountir Score: 0 of 1 pt 3 of 6 (0 c

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Homework: Chapter C:2 Homework Save MyLab Accountir Score: 0 of 1 pt 3 of 6 (0 complete) HW Score: 0%, 0 of 6 pt Main Menu Assignments Do Homework Take a Quiz/Test AsciorpuestPC:2-41 (similar to) Question Help Nicole transfers to Parker Corporation depreciable machinery originally costing $22,000 and now having a(n) $20,000 adjusted basis. In exchange, Nicole receives all 325 shares of Parker stock having a(n) $23,000 FMV and a three-year Parker note having a(n) 53,000 FMV Read the requirements Requirement a. What are the amount and character of Nicole's recognized gain or loss? Nicole realizes a(n)$ and recognizes a(n) $ Choose from any list or enter any number in the input fields and then click Check Answer. parts emaining Clear All Check Answer

Explanation / Answer

Value of stock = 23000

Value of note = 3000

Total realizable value = $26,000

Less adjusted basis of machinery $20,000

So there will be gain (26000-20000) = $6000

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