Ball Corporation Owns 80% of Net Corporation's Stock and Jack

question 67

Multiple Choice

Ball Corporation owns 80% of Net Corporation's stock and Jack owns the remaining 20% of Net Corporation's stock. Ball's basis in the Net stock is $200,000 and Jack's basis in the Net stock is $100,000. Under a plan of complete liquidation, Ball Corporation receives property with an adjusted basis of $400,000 and an FMV of $800,000 and Jack receives property with an adjusted basis of $50,000 and an FMV of $200,000. Ball and Jack's recognized gains on the liquidation are:

Apply knowledge of pronoun cases to analyze and correct sentences.

Recognize the role of pronouns in clarifying sentence meaning.

Analyze sentence structure to determine the correct pronoun case.

Identify grammar and punctuation errors in sentences.

---

Definitions:

Finance Charge

Fees and interest charges associated with the borrowing of money or the extension of credit.

Installments

Periodic payments made towards settling a debt or purchasing a good, spreading out the total cost over a period of time.

Fair Credit Reporting Act

A federal law that regulates the collection, dissemination, and use of consumer credit information to ensure accuracy and privacy.

Fair Debt Collection Practices Act

A US federal law aimed at preventing abusive, deceptive, and unfair practices by debt collectors when collecting debts.