Pursuant to a Complete Liquidation, Southern Electric Corporation Distributes the Following

question 570

Essay

Pursuant to a complete liquidation, Southern Electric Corporation distributes the following assets to its sharehol
Inventory: $15,000 basis, $20,000 FMV
Land held as an investment: $10,000 basis, $40,000 FMV Marketable securities: $35,000 basis; $30,000 FMV
What are the tax consequences to Southern Electric Corporation?

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