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all are tied to question 12 please answer all Shauna and Darialle decided to liquidate their jointly owned corporation, Woodward Fashions, Inc, (WFI). After liquidating

all are tied to question 12 please answer all
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Shauna and Darialle decided to liquidate their jointly owned corporation, Woodward Fashions, Inc, (WFI). After liquidating its remaining inventory and paying off its remaining labilities. WFI had the following tax accounting balance sheot. Under the lerms of the agreement, Shauna. Wes receive the $200,000 cash in exchange for her 50 percent interest in WFI. Shauna's tax basis in her WFi stock is $40,000. Daniella will teceive the building and land in exchange for her 50 percent interest in WFL. Danielle's tax basis in her WFI stock is $95,000. Assume for purposes of this peoblem that the cash available to distrbute to the shareholders has been recuced by any tax paid by tho corporation on gain recognized as a resuit? of the Iquidation. What amount of gain or loss does WFI recognize in the complete lquidation? QUESTION 13 Same tacts as the priot cusstion: What amourt of gain or less does shauna recegnize in complete quidation? QUESTION 14 Ssere tacts as the price question, what amount of gain or loss does Daniele recognize in the complete liquidation

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