Connie sold 400 shates of 396 stock

Name: Class: Date: ACTG428-T1-Spring2020 17. Connie sold 400 shares of $ 306 stock (basis of $20,000) in Blackbird Corporation to Larry (an unrelated individual) for $550,000. When the $ 306 stock was issued to Connie, the stock had a value of $500,000, and Blackbird had E&P of $500,000. At the time the 8 306 stock is sold, Blackbird's E&P is $150,000. At the time of the sale, Connie owned 900 shares of common stock (basis of $200,000) in Blackbird. What are the income tax consequences to Connie and Blackbird Corporation with respect to the sale of the $ 306 stock by Connie? Name: Class: Date: ACTG428-T1-Spring2020 17. Connie sold 400 shares of $ 306 stock (basis of $20,000) in Blackbird Corporation to Larry (an unrelated individual) for $550,000. When the $ 306 stock was issued to Connie, the stock had a value of $500,000, and Blackbird had E&P of $500,000. At the time the 8 306 stock is sold, Blackbird's E&P is $150,000. At the time of the sale, Connie owned 900 shares of common stock (basis of $200,000) in Blackbird. What are the income tax consequences to Connie and Blackbird Corporation with respect to the sale of the $ 306 stock by Connie