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What are the tax issues for Barry and Pheasant

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Reference no: EM132661947

Problem - 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. What are the tax issues for Barry and Pheasant?

Reference no: EM132661947

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