Tax bases in the shares, Given the income statement above,

Tax bases in the shares

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Reference no: EM13122501

Assume Jack and Jill, 25 and 75 percent shareholders in UpAHill corporation, have tax bases in their shares at the beginning of year 1 of $24,000 and $56,000, respectively. Also assume no distributions were made. Given the income statement above, what are their tax bases in their shares at the end of year 1?

Reference no: EM13122501

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