Nilo IncSold an Asset to PPQ Partnership,which Is Unrelated to Nilo

question 89

Multiple Choice

Nilo Inc.sold an asset to PPQ Partnership,which is unrelated to Nilo.PPQ immediately sold the property to Nilo Western Inc.,which is a 100% controlled Nilo subsidiary.The IRS could treat the two sales as one sale of the asset by Nilo to Nilo Western by applying the:

• A)Economic substance doctrine
• B)Assignment of income doctrine
• C)Step transaction doctrine
• D)Constructive payment doctrine

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Definitions:

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