Examlex

Solved

R, an Individual, Purchased All the Stock of T Corporation

question 27

Multiple Choice

R, an individual, purchased all the stock of T Corporation on January 1, 2003 for $20,000.On January 1, 2012, T adopts a plan of liquidation.On January 20, 2012, T sells land with a basis of $60,000 for $45,000.On January 31, 2012, T distributes the $45,000 cash plus its only other asset, FIFO inventory with a basis of $40,000 and a fair market value of $48,000, to R.Which of the following statements is true?


Definitions:

Card Check Recognition

A method of union recognition where an employer acknowledges a union's role as bargaining agent if a majority of employees show support, typically by signing authorization cards.

Efficiency

The ability to accomplish a task or produce an outcome with the least waste of time and resources.

Unionism

The principle or policy of forming, joining, and promoting the interests of labor unions to protect and improve the rights and working conditions of workers.

Cooperative Document

A written agreement used in collaborative arrangements to outline the responsibilities and expectations of all parties involved.

Related Questions