Business, 26.03.2020 23:50, bjbass899

Indigo Corporation wants to transfer cash of $591,200 or property worth $591,200 to one of its shareholders, Linda, in a redemption transaction that will be treated as a qualifying stock redemption. If Indigo distributes property, the corporation will choose between two assets that are each worth $591,200 and are no longer needed in its business: Property A (basis of $295,600) and Property B (basis of $768,560). a. Compute Indigo's recognized gain or loss if it distributes Property A in redemption of Linda's shares.

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Indigo Corporation wants to transfer cash of $591,200 or property worth $591,200 to one of its share...