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Taxation of Business Entities, 2016 edition 7-65.) Wolverine Corporation made a distribution of $500,000 to Jim Har Inc. in par-tial liquidation of the company on December 31 of this year. Jim Har Inc. owns 100 percent of Wolverine Corporation. The distribution was in exchange for 50 percent of Jim Har Inc.’s stock in the company. At the time of the distri-bution, the shares had a fair market value of $200 per share. Jim Har Inc.’s in-come tax basis in the shares was $50 per share. Wolverine had total E&P of $8,000,000 at the time of the distribution.
a) What is the amount and character (capital gain or dividend) of any income or gain recognized by Jim Har Inc. as a result of the partial liquidation?
b) Assuming Wolverine made no other distributions to Jim Har Inc. during the year, by what amount does Wolverine reduce its total E&P as a result of the partial liquidation?
Account payable R29 150, Account Receivable R296 111, Annual sales R5 330 000, Cost of sales R2 660 000, Current assets R750 000, Current liabilities R310 000, Earnings R443 000, Inventory R533 000, Long term assets R430 000, Number of shares 49 961,..
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