The responsibility of the president in this situation and to explain whether the $10 million should be distributed to the investor or the employee.

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Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $140,000. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Bob's basis in the warehouse and in the land if the appraised value of the warehouse was $100,750 and the appraised value of the land was $115,000? Bob's Basis Warehouse Land

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Chapter 11, Problem 11.5SDC

To determine

To explain: The responsibility of the president in this situation and to explain whether the $10 million should be distributed to the investor or the employee.

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