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The taxpayer, X Corporation, owns 40% of the voting stock of Y Corporation. The remaining 60% of voting stock of Y Corporation is owned by
The taxpayer, X Corporation, owns 40% of the voting stock of Y Corporation. The remaining 60% of voting stock of Y Corporation is owned by three employees of X Corporation. These employees have agreed in writing to sell their stock to X Corporation when they leave the corporation. X corporation and Y Corporation can have combined reporting of their income gains, losses and deductions. True or False
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