John and June, Husband and Wife, Have Owned Ruby Corporation

question 94

Essay

John and June, husband and wife, have owned Ruby Corporation for a number of years. Their basis in the Ruby stock, which they own jointly, is $200,000. The Ruby stock is Sec. 1244 stock. Ruby Corporation liquidates, and John and June receive the following from the corporation: accounts receivable, $30,000 FMV; a car, $21,000 FMV; office furniture, $11,000 FMV; and $25,000 in cash. What is the amount and character of their gain or loss?

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Definitions:

Marxist Feminism

A branch of feminism that focuses on the exploitation of women in capitalist societies and the way class and gender intersect.

Equal Pay

The principle that individuals should receive the same salary or wages for the same work or work of equal value, regardless of gender, race, or other discrimination factors.

Employment Equity

Policies and practices aimed at increasing job opportunities and fairness for all individuals, particularly those in minority or marginalized groups.

Gender Equality

An environment where there is equitable access to opportunities and resources for all genders, covering economic engagement and the ability to make decisions.