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Henry is the sole shareholder of Aluminum Corp. His basis is $100,000. On November 1, 2018, Henry receives the following in complete liquidation: Cash Operating
Henry is the sole shareholder of Aluminum Corp. His basis is $100,000. On November 1, 2018, Henry receives the following in complete liquidation: Cash Operating assets Contingent claim, no readily ascertainable value 30,000 55,000 55,000 On January 15, 2019, Henry collects $45,000 on the contingent claim. What date/dates does Henry have a taxable event? What is the taxable event? How much is taxable to Henry? Henry is the sole shareholder of Aluminum Corp. His basis is $100,000. On November 1, 2018, Henry receives the following in complete liquidation: Cash Operating assets Contingent claim, no readily ascertainable value 30,000 55,000 55,000 On January 15, 2019, Henry collects $45,000 on the contingent claim. What date/dates does Henry have a taxable event? What is the taxable event? How much is taxable to Henry
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