Business, 02.10.2019 00:30 jujulakaeuaws

Dove corporation (e & p of $800,000) has 1,000 shares of stock outstanding. the shares are owned as follows: julia, 600 shares; maxine (julia's sister), 300 shares; and janine (julia's daughter), 100 shares. dove corporation owns land (basis of $300,000, fair market value of $260,000) that it purchased as an investment seven years ago. dove distributes the land to julia in exchange for all of her shares in the corporation. julia had a basis of $275,000 in the shares. what are the tax consequences for both dove corporation and julia?

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Dove corporation (e & p of $800,000) has 1,000 shares of stock outstanding. the shares are owne...

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