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Assuming that a parent corporation's liquidation of a 90 percent owned subsidiary meets the requirements of Code Sec. 332. which of the following statements is
Assuming that a parent corporation's liquidation of a 90 percent owned subsidiary meets the requirements of Code Sec. 332. which of the following statements is correct? The subsidiary's bases in its assets will not carry over to the parent. O Once the subsidiary goes out of existence, its earnings and profits vanish The parent may recognize gain or loss on the receipt of subsidiary's assets. Minority shareholders must recognize gain or loss on their stock
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