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Business, 25.06.2021 23:40 lucyamine0

Goose Corporation has a basis of $3,340,000 in the stock of Swift Corporation, a wholly owned subsidiary acquired 30 years ago. Goose liquidates Swift Corporation and receives assets that are worth $2,672,000 and have a basis to Swift of $2,338,000. Required:
a. Determine Goose Corporation’s recognized gain or loss on the liquidation.
b. Determine Goose Corporation’s basis in the assets received in liquidation.

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Goose Corporation has a basis of $3,340,000 in the stock of Swift Corporation, a wholly owned subsid...
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