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Question 2 Bruno, an individual, is the sole shareholder of Green Corporation. On January 1, 2018, Bruno decided to liquidate Green Corporation. At the date
Question 2 Bruno, an individual, is the sole shareholder of Green Corporation. On January 1, 2018, Bruno decided to liquidate Green Corporation. At the date of liquidation, Green Corporation had assets with a FMV of $2,500,000 and a basis of $1,800,000. Green Corporation's earnings and profits at the date of liquidation were $2,000,000. Bruno's basis in Green Corporation stock is $900,000 a) What are the tax implications to Green Corporation? b) What are the tax implications to Bruno (Assume tax rate of 20%) c) How would your answer change if Bruno was a C-Corporation instead of arn individual
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