Question
Flakey Company received $15,000 cash and property valued at $30,000 in a complete liquidation of its holdings in Boomer Co., a 20% owned subsidiary. Flakeys
Flakey Company received $15,000 cash and property valued at $30,000 in a complete liquidation of its holdings in Boomer Co., a 20% owned subsidiary. Flakeys basis in Boomer stock was $1,000 and Boomers basis in the property was $10,000. What is Flakey Co.s basis in the non-cash property received?
| a. | $1,000 | |
| b. | $45,000 | |
| c. | $10,000 | |
| d. | $30,000 |
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Wiley CPAexcel Exam Review 2018 Study Guide Auditing And Attestation
Authors: Wiley
1st Edition
1119480671, 978-1119480679
