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Bonnie and Clyde are the only two shareholders in Getaway Corporation. Bonnie owns 65 shares with a basis of $6,500, and Clyde owns the remaining
Bonnie and Clyde are the only two shareholders in Getaway Corporation. Bonnie owns 65 shares with a basis of $6,500, and Clyde owns the remaining 35 shares with a basis of $11,500. At year-end, Getaway is considering different alternatives for redeeming some shares of stock. Evaluate whether each of the following stock redemption transactions will qualify for sale and exchange treatment. Note: Leave no answer blank. Enter zero if applicable. Required: a. Getaway redeems 15 of Bonnie's shares for $5,500. Getaway has $25,000 of E\&P at year-end and Bonnie is unrelated to Clyde. b. Getaway redeems 33 of Bonnie's shares for $11,000. Getaway has $25,000 of E\&P at year-end and Bonnie is unrelated to Clyde. c. Getaway redeems 8 of Clyde's shares for $6,000. Getaway has $25,000 of E\&P at year-end and Clyde is unrelated to Bonnie. Complete this question by entering your answers in the tabs below. Getaway redeems 8 of Clyde's shares for $6,000. Getaway has $25,000 of E\&P at year-end and Clyde is unrelated to Bonnie. Note: Round your answers to the nearest whole number
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