Examlex
John and June, husband and wife, have owned Ruby Corporation for a number of years. Their basis in the Ruby stock, which they own jointly, is $200,000. The Ruby stock is Sec. 1244 stock. Ruby Corporation liquidates, and John and June receive the following from the corporation: accounts receivable, $30,000 FMV; a car, $21,000 FMV; office furniture, $11,000 FMV; and $25,000 in cash. What is the amount and character of their gain or loss?
Q11: Bread Corporation is a C corporation with
Q28: Under Illinois Corporation's plan of liquidation,the corporation
Q40: Frans and Arie own 75 shares and
Q50: Roby Corporation,a Tennessee corporation,decides to change its
Q55: Identify which of the following statements is
Q57: All corporations,except S corporations and small C
Q81: All of the following are recognized as
Q92: In the current year,Sun Corporation's federal income
Q103: Omega Corporation is formed in 2006.Its current
Q117: Continental Corporation anticipates a 34% tax rate