Question
P Corp owns 100% of S Corp. S Corp is liquidated into P Corp. Its sole asset - a building with a cost basis of
P Corp owns 100% of S Corp. S Corp is liquidated into P Corp. Its sole asset - a building with a cost basis of 100,000 and a FMV of 1 million - was distributed to S Corp as part of the plan of liquidation. S had acquired the building 3 years ago, on 11/13/18. What gain does S recognize here on the distribution of the building?
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Corporations liquidating to 80ormore corporate shareholder A No gain When property is distributed in ...
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
13th Edition
978-0073379616, 73379611, 978-0697789938
