Carmela Corporation had the following assets on January 2, 2007, the date on which it adopted a plan of complete liquidation:
|
Adjusted basis |
Fair market value |
|
|
Land |
$ 75,000 |
$150,000 |
|
Inventory |
43,500 |
66,000 |
|
Totals |
$118,500 |
$216,000 |