Purple corporation has two equal shareholders, joshua and ellie, who are father and daughter. one year ago, the two shareholders transferred properties to purple in a 351 exchange. joshua transferred land (basis of $600,000, fair market value of $450,000) and securities (basis of $70,000, fair market value of $250,000), while ellie transferred equipment (basis of $420,000, fair market value of $700,000). in the current year, purple corporation adopts a plan of liquidation, sells all of its assets, and distributes the proceeds pro rata to joshua and ellie. the only loss realized upon disposition of the properties was with respect to the land that had decreased in value to $310,000 and was sold for this amount. purple never used the land for any business purpose during the time it was owned by the corporation. what amount of loss can purple corporation recognize on the sale of the land?

a. $0
b. $140,000
c. $150,000
d. $290,000
e. none of the above

Allen's office department manufactures computer desks in its​ moosejaw, saskatchewan, plant. the company uses activity based costing to allocate all manufacturing conversion costs​ (direct labour and manufacturing​ overhead). its activities and related data​ follow: ​(click the icon to view the activity areas and related​ data.) requirements 1. compute the​ per-unit manufacturing product cost of standard desks and unpainted desks. 2. premanufacturing​ activities, such as product​ design, were assigned to the standard desks at $ 5 each and to the unpainted desks at $ 2 each. similar analyses were conducted of postmanufacturing​ activities, such as​ distribution, marketing, and customer service. the postmanufacturing costs were $ 31 per standard and $ 26 per unpainted desk. compute the full product costs per desk. 3. which product costs are reported in the external financial​ statements? which costs are used for management decision​ making? explain the difference. 4. what price should allen's managers set for standard desks to earn a $ 52 profit per​ desk?