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please show all work and explanations. 2. Magenta Corporation makes its first purchase of 35% of Green Corporation stock on May 31 of this year.
please show all work and explanations.
2. Magenta Corporation makes its first purchase of 35% of Green Corporation stock on May 31 of this year. Magenta Corporation uses a calendar tax year. To use the Sec. 338 election, Magenta Corporation must purchase A) an additional 45% of Green Corporation stock by December 31 of this year. B) an additional 46% of Green Corporation stock by December 31 of this year. C) an additional 45% of Green Corporation stock by May 30 of next year D) an additional 46% of Green Corporation stock by May 30 of next yearStep by Step Solution
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