Taylor corporation pursuant to a statutory merger

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Reference no: EM1376054

Superior Corporation attained Taylor Corporation pursuant to a statutory merger under state law. As a consequence of the merger Taylor Corporation's former shareholders received common stock in Superior having a value of $300,000, long-term promises of Superior with a principal amount (and fair market value) of $500,000 and cash of $200,000. What kind of reorganization has taken place? Define the tax consequences to Taylor Corporation its former shareholders and Superior Corporation.

Reference no: EM1376054

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