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5. J started a corporation to operate a restaurant. J owns 100% of the shares. The business was successful for several years, during which time

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5. J started a corporation to operate a restaurant. J owns 100% of the shares. The business was successful for several years, during which time many assets were purchased at very favorable prices from other restaurants that went out of business. With the onset of the pandemic, things have changed. J has the choice of distributing all the company's assets to himself and having the corporation get into a new line of business, or terminating the corporation by having the corporation sell everything and just play video games for the rest of his life. Discuss tax implications of these choices

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