Denise owns Gal Corp. stock which she purchased ten years ago for ($ 370,000). Pursuant to a
Question:
Denise owns Gal Corp. stock which she purchased ten years ago for \(\$ 370,000\). Pursuant to a plan of corporate reorganization, Gal Corp. will be merged into Lewis Corp. As a result of the merger, Denise receives Lewis Corp. stock valued at \(\$ 300,000\) plus Lewis Corp. bonds valued at \(\$ 100,000\), in exchange for her Gal Corp. stock.
a. What is Denise's realized gain and recognized gain resulting from the merger?
b. What is Denise's tax basis for the Lewis Corp. bonds?
c. What is Denise's tax basis for the Lewis Corp. stock that she received?
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Related Book For 
CCH Federal Taxation 2019 Comprehensive Topics
ISBN: 9780808049081
2019 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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