A Subsidiary Recognizes No Gain or Loss on a Distribution

question 26

True/False

A subsidiary recognizes no gain or loss on a distribution to a parent corporation owning more the majority of the subsidiary's stock in a complete liquidation.

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Definitions:

Colin Powell

An American military general and statesman who served as the first African American U.S. Secretary of State, known for his leadership during the Persian Gulf War.

Condoleezza Rice

An American political scientist and diplomat who served as the 66th United States Secretary of State, and was the first African American woman to hold the post.

Secretary of State

A senior official in the federal government responsible for conducting foreign affairs and diplomacy.

National Security Advisor

A senior official within the executive branch of the U.S. government who serves as the chief in-house advisor to the President on national security issues.