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Does the redemption of the ten shares qualify for sale

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Reference no: EM132570144

As of January 1, 2019, the stock of Pace Corp. was owned as follows:

Ellis                                           10 Shares

Vivacious (Ellis's spouse)                30 Shares

Frank (Ellis' father)                             40 Shares

Herb (Frank's brother)                              20 Shares

On December 31, 2019, Pace Corp. paid Vivacious $150,000 and she surrendered ten (10) shares of stock.

Question 1: Does the redemption of the ten shares qualify for sale or exchange treatment? If so, why?

Reference no: EM132570144

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