Bobby owns advertising solutions, inc. (asi) and sells 100% of the company stock on july 1 of the current year to an esop for $3,000,000. bobby had an adjusted basis in the asi stock of $450,000. if bobby reinvests in qualified replacement securities before the end of the current year, which of the following statements is true?

question 5 options:

a. bobby will not recognize long-term capital gain or ordinary income in the current year.

b. bobby must recognize $2,550,000 of long-term capital gain in the current year.

c. bobby must recognize $450,000 of ordinary income in the current year.

d. if bobby dies before selling the qualified replacement securities, his heirs will have an adjusted taxable basis in the qualified replacement securities of $450,000, bobby’s carryover adjusted basis

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Your answer is c premium and ur welcome