29. W owns 80% of Mont Corporation which is incorporated in Bermuda. W's basis is $500,000 and Mont owes W $150,000 in open account receivables and W owns a $200,000 bond owed by Mont Corp. The other 20% of Mont is owned by Angel, an individual who has a basis of $25,000 in the shares. Mont has had active sales and gross receipts for the past 10 years. Because of Covid 19 Mont declares bankruptcy and is unable to repay any of the debt or distribute anything to the shareholders.