Solution-How much of his loss is an ordinary loss

How much of his loss is an ordinary loss

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Reference no: EM132697046

Question - Hugo transfers property with a basis of $40,000 and fair market value of $10,000 to NoPo Inc. in a 351 exchange. The shares qualify for section 1244 treatment. NoPo is in financial distress and Hugo sells his stock for $12,000. How much of his loss is an ordinary loss under section 1244?

a. $2,000

b. 0

c. $50,000

d. $10,000

Reference no: EM132697046

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How much of his loss is an ordinary loss

Reference no: EM132697046

Reference no: EM132697046

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