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safezone safezone
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7 years ago
Jack has a basis of $36,000 in his 1,000 shares of Acorn Corporation stock (a capital asset). The stock was acquired three years ago. He receives the following distributions as part of a plan of liquidation of Acorn Corporation:

Date   Amount
March 31 of 2009   $10,000
July 15 of 2009   10,000
November 15 of 2010   10,000
January 15 of 2010   10,000

What are the amount and character of the gain or loss that Jack will recognize during 2009? During 2010?
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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strwbrrystrwbrry
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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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safezone Author
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