VitalJuice Corporation Reports the Following Schedule of Prior Year Taxes

question 15

Short Answer

VitalJuice Corporation reports the following schedule of prior year taxes it owed: $$\begin{array} { | l | r | } \hline \text { Tax basis of property transterred } & \$ 650,000 \\\hline \text { Plus gain recognized } & 30,000 \\\hline \text { Less boot received } & ( 100,000 ) \\\hline \text { - Adjusted tax basis of the stock received } & 580,000 \\\hline\end{array}$$ What is VitalJuice's tax liability for Year 4?

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