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Bronco Corporation acquires all of the assets of FSU Corporation in exchange for $3,000,000 of Acquiring common stock and the assumption of $2,000,000 of FSU's

image text in transcribed Bronco Corporation acquires all of the assets of FSU Corporation in exchange for $3,000,000 of Acquiring common stock and the assumption of $2,000,000 of FSU's liabilities. The assets had a $2,300,000 adjusted basis to FSU. FSU's sole shareholder, Melanie, had a $1,000,000 adjusted basis for her stock. FSU Corporation had $600,000 of E&P on the acquisition date. Melanie receives all of the Acquiring common stock in the liquidation of FSU. What are the tax consequences of the acquisition to: Bronco, FSU, and Melanie? Explain your answer in detail and show calculations

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