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Boris owns 60 of the 100 shares outstanding of Bread Corporation stock and 80 of the 100 shares of ...

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Boris owns 60 of the 100 shares outstanding of Bread Corporation stock and 80 of the 100 shares of ...

Boris owns 60 of the 100 shares outstanding of Bread Corporation stock and 80 of the 100 shares of Butter Corporation stock. His basis in the Bread shares is $10,000 and his basis in his Butter shares is $5,000. Boris sells 30 of his Bread Corporation shares to Butter Corporation for $25,000. Bread Corporation has E&P of $20,000 and Butter Corporation has E&P of $40,000. In applying the substantially disproportionate test to determine if this is a sale or a dividend, Boris is treated as owning how many shares of Bread after the sale?
A) 30 shares
B) 54 shares
C) 60 shares
D) 80 shares

Textbook

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

Edition: 27^th

Authors: Anderson, Pope, Rupert

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