Chapter 13, Problem 10SC

Fulton Corporation reported a net income of $472,500 in 2023. This represents a 20% increase in net income compared to 2022. What was its net income in 2022?

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Gross profit?

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A corporation sells a building (with an adjusted basis of $380,000) to its majority shareholder for $350,000. A. What is the company's recognized gain or loss on the sale? B. What is the shareholder's adjusted basis in the building? C. Four years later, the shareholder sells the building for $390,000. What is his realized gain or loss?