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Problem - Income Tax Basis That Does Not Change

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Problem - Income Tax Basis That Does Not Change?

Howard purchased stock in Green, a C corporation, for $100,000. In a later year, Green made a valid S election. This year, Howard sells his stock in Green for $120,000. Because he paid $100,000 for the stock, Howard plans torecognize a long-term capital gain of $20,000 from the sale. Do you agree with Howard's proposed reporting? Explain.

Reference no: EM132649366

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