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Tiffany and Carlos decided to liquidate their jointly owned corporation, Royal Oak Furniture (ROF). After...

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Accounting

Tiffany and Carlos decided to liquidate their jointly owned corporation, Royal Oak Furniture (ROF). After liquidating its remaining inventory and paying off its remaining liabilities, ROF had the following tax accounting balance sheet:
16.7
points
\table[[,FMV,\table[[Adjusted],[Tax Basis]],\table[[Appreciation],[(Depreciation)]]],[Cash,$316,000,$316,000,],[Building,63,000,13,500,49,500],[Land,253,000,307,500,(54,500)
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