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Nicholas owns all the stock of Ulysses Corporation, an S corporation. Nicholas's basis for the 1,000 shares is $80,000. On June 20 of the current
Nicholas owns all the stock of Ulysses Corporation, an S corporation. Nicholas's basis for the 1,000 shares is $80,000. On June 20 of the current year (assume a non-leap year), Nicholas gifts 100 shares of stock to his younger brother Chase, who has been working in the business for one year. Ulysses Corporation reports $75,000 of ordinary income for the current year
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