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Julia owns 40 percent of Longleaf Corp. and has a basis in h…
Julia owns 40 percent of Longleaf Corp. and has a basis in her stock of $100,000. After adopting a plan of liquidation, Longleaf makes a liquidating distribution to Julia and the other shareholders. Julia receives cash of $30,000, Pine Inc. stock with a $30,000 fair value, and equipment with a fair value of $125,000. She takes the equipment subject to a $20,000 liability. Longleaf’s basis in the stock distributed to Julia is $52,500. Longleaf’s original cost for the equipment was $80,000, but it has since claimed $30,000 of depreciation deductions (i.e., the equipment has an adjusted basis of $50,000). Both the stock and the equipment are capital assets and have been held for several years. How much gain does Julia recognize on the liquidating distribution, and what is her basis in the distributed stock and equipment?
Julia owns 40 percent of Longleaf Corp. and has a basis in h…
Questions
Juliа оwns 40 percent оf Lоngleаf Corp. аnd has a basis in her stock of $100,000. After adopting a plan of liquidation, Longleaf makes a liquidating distribution to Julia and the other shareholders. Julia receives cash of $30,000, Pine Inc. stock with a $30,000 fair value, and equipment with a fair value of $125,000. She takes the equipment subject to a $20,000 liability. Longleaf's basis in the stock distributed to Julia is $52,500. Longleaf's original cost for the equipment was $80,000, but it has since claimed $30,000 of depreciation deductions (i.e., the equipment has an adjusted basis of $50,000). Both the stock and the equipment are capital assets and have been held for several years. [question 2 of 2] How much gain does Julia recognize on the liquidating distribution, and what is her basis in the distributed stock and equipment?
A 1% sоlutiоn wоuld contаin:
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