Question

For seven? years, France Corporation has been owned entirely by Steveand Maryssa?,who are husband and wife.Steve...

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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