Question

Kiley Communication Inc. owns and operates radio and television stations that broad-cast throughout the northwestern United States. This year, Kiley entered into an agree-ment with another broadcasting company under which Kiley surrendered one AM and two FM radio station licenses in Oregon for one television station license in California. Kiley realized a $3.9 million gain on the exchange. Must it recognize this gain for tax purposes?


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  • CreatedNovember 03, 2015
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