Ball Corporation Owns 80% of Net Corporation's Stock and Jack $$\begin{array} { | l | l | } \hline \text { Ball } & \text { Jack } \\\hline \$ 800,000 & \$ 200,000 \\\hline\end{array}$$

question 71

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 bases in the property received are:

• A) \[\begin{array} { | l | l | }
• \hline \text { Ball } & \text { Jack } \\
• \hline \$ 800,000 & \$ 200,000 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | l | l | }
• \hline \text { Ball } & \text { Jack } \\
• \hline \$ 400,000 & \$ 200,000 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l | l | }
• \hline \text { Ball } & \text { Jack } \\
• \hline \$ 400,000 & \$ 50,000 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | l | }
• \hline \text { Ball } & \text { Jack } \\
• \hline \$ 200,000 & \$ 100,000 \\
• \hline
• \end{array}\]

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