Business, 26.12.2019 05:31, idontknow1993

The stock of loon corporation is held as follows: 85% by duck corporation and 15% by gerald, an individual. loon corporation is liquidated in december of the current year, pursuant to a plan adopted earlier in the year. loon corporation distributes land with a basis of $350,000 and fair market value of $390,000 to gerald in liquidation of his stock interest. gerald had a basis of $200,000 in his loon stock. how much gain will loon corporation recognize in this liquidating distribution?

a. $0
b. $40,000
c. $190,000
d. $390,000

Answers: 1

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The stock of loon corporation is held as follows: 85% by duck corporation and 15% by gerald, an ind...