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Mandarini Mandarini
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7 years ago
Jack Corporation redeems 200 shares of its stock for $100,000 from Junior, who inherited the stock from his father, Ken. The stock's FMV on Ken's date of death was $90,000. Ken's basis in the stock was $40,000. Jack Corporation had an E&P balance of $300,000. If the redemption qualifies under Sec. 303, Junior will
A) recognize a capital gain of $10,000.
B) recognize a capital gain of $60,000.
C) recognize $100,000 in dividend income.
D) recognize dividend income of $50,000 and a capital gain of $10,000.
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
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strwbrrystrwbrry
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7 years ago
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Every man, wherever he goes, is encompassed by a cloud of comforting convictions, which move with him like flies on a summer day.
   --Bertrand Russell, 1950

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Mandarini Author
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7 years ago
Correct Slight Smile TY
sudenzia
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Yesterday
Good timing, thanks!
54321abs
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2 hours ago
Thanks
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