One of your clients, Janice Tolk, has entered into an agreement with Dustin Crosby to sell her sole proprietorship for $850,000 on January, 17, 2024. Dustin has been impressed with your explanations throughout the negotiations and has also decided to retain you as his CPA. (There is no conflict of interest because the deal has already closed). The assets of the business are: Asset Janice's Adjusted Basis FMV Accounts Receivable 50000 50000 Inventory 85000 95000 Equipment 125000 150000 Furniture and Fixtures 60000 90000 Buildings 155000 230000 Land 35000 75000 Total 510000 690000 

A. Calculate Janice's realized and recognized gain. (Enter answer on Answer Sheet) 

B. Determine Dustin's Basis for each of the assets to include in the letter below. (Enter answer on Answer Sheet)

Answer rating: 100% (QA)

A To calculate Janices realized and recognized gain we need to compare the selling price of the sole ... View the full answer