PROBLEM 8-25B Critiquing a Report; Preparing a Performance Budget (LO1, LO4, LO6) Tax Advantage Corp. is a company that acts as a facilitator in...

PROBLEM 8–25B Critiquing a Report; Preparing a Performance Budget (LO1, LO4, LO6)Tax Advantage Corp. is a company that acts as a facilitator in tax-favored real estate swaps. Such swaps, know as 1031 exchanges, permit participants to avoid some or all of the capital gains taxes that would otherwise be due. The bookkeeper for the company has been asked to prepare a report for the company to help its owner/manager analyze performance. The first such report appears below: