Achievement Corp has 2 unrelated shareholders including Curly who owns 40% with a stock basis of $300,000, and Phoenix who owns 60%. Achievement Corporation engages in a complete liquidation by distributing cash to Phoenix, and the following asset to Curly.
Description |
FMV |
Adjusted Basis |
Notes |
Equipment |
360,000 |
600,000 |
Distributed to Curly (40% owner) Purchased 3-years ago for use in the business for $700,000 (100,000 of depreciation taken) |
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