Geoffery and Sue are equal owners of Norse Corporation. They are considering a sale of the business.

Geoffery and Sue are equal owners of Norse Corporation. They are consideringa sale of the business. How much after tax cash will they have if they sell Norse’sassets? How much if they sell the stock?assets? How much if they sell thAdjustedsell25000002500000BasisFMVasset basis-1450000Cash50000500001050000Inventory80000120000tax rate35%Furniture and fixtures *7000080000367500-367500Building **250000400000cash to shareholder21325002132500Land10000001500000stock basis-500000Total14500002150000163250020%Sale price 2500000326500-3265001806000Geoffery’s stock basis250000Sue’s stock basis250000Sale proceeds25000002500000stock basis500000* Accumulated MACRS depreciation 500002000000** Accumulated Straight Line depreciation300000capital gain rate0.2400000-4000002100000Geoffery and Sue are equal partners of Norse LLC. They are consideringa sale of the business. How much after tax cash will they have if they sell Norse’sassets?AdjustedBasisFMVGainCash50000500000Inventory800001200004000035%14000ord incomeFurniture and fixtures *70000800001000035%3500§ 1245Building **25000040000015000025%37500§ 1250Land1000000150000050000020%100000§ 1231Total145000021500000105000020%210000LTCGSale price 2500000365000Geoffery’s basis250000sale proceeds2500000Sue’s basis250000tax-365000cash2135000* Accumulated MACRS depreciation 50000** Accumulated Straight Line depreciation300000

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