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Homewood Corporation Adopts a Plan of Liquidation on June 15

Question 81

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Homewood Corporation adopts a plan of liquidation on June 15 and shortly thereafter sells a parcel of land on which it realizes a $50,000 gain (excluding the effects of a $5,000 sales commission) .Homewood pays its legal counsel $2,000 to draft the plan of liquidation.The accountant fees for the liquidation are $1,000,which are also paid during the year.What is Homewood Corporation's realized gain on the sale of land and deductible liquidation expenses?


A) Homewood Corporation adopts a plan of liquidation on June 15 and shortly thereafter sells a parcel of land on which it realizes a $50,000 gain (excluding the effects of a $5,000 sales commission) .Homewood pays its legal counsel $2,000 to draft the plan of liquidation.The accountant fees for the liquidation are $1,000,which are also paid during the year.What is Homewood Corporation's realized gain on the sale of land and deductible liquidation expenses? A) B) C) D)
B) Homewood Corporation adopts a plan of liquidation on June 15 and shortly thereafter sells a parcel of land on which it realizes a $50,000 gain (excluding the effects of a $5,000 sales commission) .Homewood pays its legal counsel $2,000 to draft the plan of liquidation.The accountant fees for the liquidation are $1,000,which are also paid during the year.What is Homewood Corporation's realized gain on the sale of land and deductible liquidation expenses? A) B) C) D)
C) Homewood Corporation adopts a plan of liquidation on June 15 and shortly thereafter sells a parcel of land on which it realizes a $50,000 gain (excluding the effects of a $5,000 sales commission) .Homewood pays its legal counsel $2,000 to draft the plan of liquidation.The accountant fees for the liquidation are $1,000,which are also paid during the year.What is Homewood Corporation's realized gain on the sale of land and deductible liquidation expenses? A) B) C) D)
D) Homewood Corporation adopts a plan of liquidation on June 15 and shortly thereafter sells a parcel of land on which it realizes a $50,000 gain (excluding the effects of a $5,000 sales commission) .Homewood pays its legal counsel $2,000 to draft the plan of liquidation.The accountant fees for the liquidation are $1,000,which are also paid during the year.What is Homewood Corporation's realized gain on the sale of land and deductible liquidation expenses? A) B) C) D)

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