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17. Connie sold 400 shares of $ 306 stock (basis of $20,000) in Blackbird Corporation to Larry (an unrelated individual) for $550,000. When the 5 306 stock was issued to Connie the stock had value of $500,000, and Blackbird had E&P of $500,000. At the time the 5 306 stock is sold Blackbird's E pis S150.000. At the time of the sale, Connie owned 900 shares of common stock (basis of $200.000) in Blackhind What are the income consequences to Connie and Blackbird Corporation with respect to the sale of the 3 306 stock by Connie? 17. Connie sold 400 shares of $ 306 stock (basis of $20,000) in Blackbird Corporation to Larry (an unrelated individual) for $550,000. When the 5 306 stock was issued to Connie the stock had value of $500,000, and Blackbird had E&P of $500,000. At the time the 5 306 stock is sold Blackbird's E pis S150.000. At the time of the sale, Connie owned 900 shares of common stock (basis of $200.000) in Blackhind What are the income consequences to Connie and Blackbird Corporation with respect to the sale of the 3 306 stock by Connie