What are the tax issues, Tammy and Barry formed Pheasant

What are the tax issues

Assignment Help Financial Accounting

Reference no: EM131219214

Tammy and Barry formed Pheasant Corporation several years ago in a transaction that qualified under § 351. Both shareholders serve as officers and on the board of directors of Pheasant. In the current year, Pheasant Corporation redeemed all of Barry's shares in the corporation with a property distribution.

a. What are the tax issues for Barry and Pheasant?

b. What are some of the issues you think an accountant would deal with in evaluating and communicating the impact of these transactions to the owners?

Reference no: EM131219214

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