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Question: CIG corporation has 3 equal shareholders: A, B, and C. each shareholder has 100 shares with a basis of $20 per share and has held the stock for 3 years. CIG has $1Milllion of E&P. CIG corporation redeems 60 shares from shareholder A for $8,000. Question; how should A treat the redemption and what redemption test(s) are met (be sure to describe how each test is met) based on the facts. Include the calculation of tax gain/loss or the description of how the non-liquidating distribution should be treated
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The insurance expense recognized by XYZ in 2020 was P 45,000. How much was the cash surrender value of life insurance at the beginning of the year
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