Jason sells stock with an adjusted basis of 66000 to jj inc

Reference no: EM13580071

Jason sells stock with an adjusted basis of $66,000 to JJ Inc., his 60% owned corporation, for its fair market value of $60,000. JJ Inc., sells the stock three years later for $67,000. What would JJ Inc.'s recognized gain or loss on the sale be?

Reference no: EM13580071

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