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Problem - Z Corp (a "C" corporation) has 100 shares of stock outstanding. A, B, and C own 90, 7, and 3 shares, respectively. Z redeems 75 of A's shares for $25,000. A's basis in these shares was $20,000. Z's earnings and profit account had a balance of $200,000 on the distribution date.
Required -
a) Calculate the amount and nature of income recognized by A on the distribution
b) Assume instead that Z redeemed 6 of B's shares (basis $9,000) for $7,000. Calculate the amount and nature of income recognized by B on the distribution.
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