QUESTION 2  A picture of a Toblerone chocolate and its p…

QUESTION 2  A picture of a Toblerone chocolate and its packaging is shown below:  Right click on the button below and open the image in a new tab.       2.1  Calculate the volume of one of the triangular sections (one triangular piece of the chocolate). Use the following formula: 

Tim, Al, and Pat contributed assets to form the equal TAP Pa…

Tim, Al, and Pat contributed assets to form the equal TAP Partnership. Tim contributed cash of $40,000 and land with a basis of $80,000 (fair market value of $60,000). Al contributed cash of $60,000 and land with a basis of $50,000 (fair market value of $40,000). Pat contributed cash of $60,000 and a fully depreciated property ($0 basis) valued at $40,000. Which of the following tax treatments is not correct?