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safezone safezone
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7 years ago
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 bases in the property received are:
A)
Ball   Jack
$800,000   $200,000
   
B)
Ball   Jack
$400,000   $200,000
   
C)
Ball   Jack
$400,000   $ 50,000
   
D)
Ball   Jack
$200,000   $100,000
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

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


Edition: 27th
Authors:
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That's not philosophy, it's geometry
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RimounRimoun
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7 years ago
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safezone Author
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7 years ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
riptide
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Yesterday
You make an excellent tutor!
byehoe
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2 hours ago
Good timing, thanks!
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