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Evaluate howard plan

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Question - In 2000, Howard purchased stock in Green, a C corporation, for $100,000. In 2006, Green made a valid election under Subchapter S. In 2016, Howard sells his stock in Green for $120,000. Because he paid $100,000 for the stock, Howard plans to recognize a long-term capital gain of $20,000 as a result of the sale. Evaluate Howard's plan and explain why you agree or disagree with his proposed reporting.

Reference no: EM132756633

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