What are tax aspects of this transaction for mark farris

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Reference no: EM13140678

1. Yates Corporation in Cutoff, Louisiana, elects S status, effective for calendar year 2008. Yates’ only asset has a basis of $50,200 and a fair market value of $110,400 as of January 1, 2008. The asset is sold at the end of 2008 for $130,800. What are the tax aspects of this transaction for Mark Farris, a 60% owner of the company?

Reference no: EM13140678

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