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Now assume JS redeems all of Joes and Sunnys stock for $100 each. At that time of the redemption, Joes basis in the JSs stock

Now assume JS redeems all of Joes and Sunnys stock for $100 each. At that time of the redemption, Joes basis in the JSs stock is $20 and JSs E&P is $50.

70. Determine the tax consequences for Joe.

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