Q.2 Relana corporation owned 75% of Shan company and in 25/6/2005 Shan, sold land at $ 60,000 with original cost $ 40,000 to Relana company. In 24/7/2007 Relana company sold the land to outsiders at $ 30,000. Required: Prepare the eliminating for the intercompany transaction for 2005, 2006, and 2007

Q.2 Relana corporation owned 75% of Shan company and in 25/6/2005 Shan, sold land at $ 60,000 with original cost $ 40,000 to Relana company. In 24/7/2007 Relana company sold the land to outsiders at $ 30,000. Required: Prepare the eliminating for the intercompany transaction for 2005, 2006, and 2007

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 44P

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