For seven? years, France Corporation has been owned entirely by Steveand Maryssa?,who are husband and wife.Steve and Maryssa have a $183,000
basis in their jointly owned France stock. The France stock is Sec. 1244 stock. They receive the following assets in liquidation of their? corporation: accounts? receivable,
$30,000 FMV; a? car, $17,000 ?FMV; office? furniture,??$3,000 ?FMV; and $15,000 cash.
Requirements
a. |
What are the amount and character of their gain or? loss? |
b. |
How would your answer change if the
accounts receivable instead had a $157,000 ?FMV? |
c. |
What is the France?'s basis for each property received in the liquidation in Parts a and? b? |
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