Casey Corporation has three assets when it decides to liquidate: 
The corporation sells the stock for its fair market value and distributes the other two assets to its sole shareholder. What is its tax liability on its final tax return in 2018 if it had $45,000 of income from operations prior to liquidating?
Definitions:
Environment
The surrounding conditions in which a person, animal, or plant lives or operates.
Focal Object
An entity or concept that is the primary focus of attention or analysis.
Perception
The process by which individuals organize and interpret their sensory impressions in order to give meaning to their environment.
Primacy Effect
A perception problem through which an individual assesses a person quickly on the basis of the first information encountered.
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