Pursuant to a complete liquidation, Lilac Corporation distributes the following assets to its unrelated shareholders: land held for three years as an investment (basis of $300,000, fair market value of $600,000), inventory (basis of $100,000, fair
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Thomlin Company forecasts that total overhead for the current year will be $7,584,000 with 158,000 total machine hours. Year to date, the actual overhead is $3,818,000, and the actual machine hours are 83,000 hours.
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