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! Required information [The following information applies to the questions displayed below.) Flintstone Company is owned equally by Fred Stone and his sister Wilma, each
! Required information [The following information applies to the questions displayed below.) Flintstone Company is owned equally by Fred Stone and his sister Wilma, each of whom holds 3,600 shares in the company. Wilma wants to reduce her ownership in the company, and it was decided that the company will redeem 680 of her shares for $28,000 per share on December 31 of this year. Wilma's income tax basis in each share is $9,750. Flintstone has current E&P of $10,523,000 and accumulated E&P at the beginning of the year of $50,560,000. b. What is Wilma's income tax basis in the remaining 2,920 shares she owns in the company? Income tax basis in remaining shares
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