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4. Happy Corporation sells a truck for $18,000 to Marie, who owns 80% of Happy Corporation stock. The truck has a $22,000 adjusted basis on
4. Happy Corporation sells a truck for $18,000 to Marie, who owns 80% of Happy Corporation stock. The truck has a $22,000 adjusted basis on the sale date. Marie sells the truck to an unrelated party, Joseph for $32,000 two years later. a. What is Happys realized and recognized gain or loss on selling the truck? b. What is Maries realized and recognized gain or loss on selling the truck to Joseph?
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