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Ball Corporation owns 80% of Net Corporation's stock and Jack owns the remaining 20% of Net ...

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Ball Corporation owns 80% of Net Corporation's stock and Jack owns the remaining 20% of Net ...

Ball Corporation owns 80% of Net Corporation's stock and Jack owns the remaining 20% of Net Corporation's stock. Ball's basis in the Net stock is $200,000 and Jack's basis in the Net stock is $100,000. Under a plan of complete liquidation, Ball Corporation receives property with an adjusted basis of $400,000 and an FMV of $800,000 and Jack receives property with an adjusted basis of $50,000 and an FMV of $200,000. Ball and Jack's recognized gains on the liquidation are:
A)
Ball   Jack
$0   $0

B)
Ball   Jack
$0   $100,000

C)
Ball   Jack
$200,000   $50,000

D)
Ball   Jack
$600,000   $100,000

Textbook

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

Edition: 27^th

Authors: Anderson, Pope, Rupert

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