Business, 06.11.2019 22:31 smartie80

General inertia corporation made a distribution of $50,000 to henry tiara in partial liquidation of the company on december 31, 20x3. henry owns 500 shares (50%) of general inertia. the distribution was in exchange for 250 shares of henry's stock in the company. after the partial liquidation, henry continued to own 50% of the remaining stock in general inertia. at the time of the distribution, the shares had a fair market value of $200 per share. henry's income tax basis in the shares was $100 per share. general inertia had total e& p of $800,000 at the time of the distribution. what are the tax consequences to henry because of the transaction?

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