Reference no: EM132929462
Problem 1: Pursuant to a complete liquidation, Redbird Corporation distributes the following assets to its shareholders: land held as an investment (basis of $300,000, fair market value of $600,000), inventory (basis of $100,000, fair market value of $80,000), and marketable securities (basis of $200,000., fair market value of $240,000). What are the tax results to Redbird Corporation as a result of the liquidation? (Redbird Corporation has held the land and securities for six years so anti-stuffing rules do not apply.)
a. Redbird Corporation would recognize no gain or loss on the liquidation.
b. Redbird Corporation would recognize a gain of $340,000.
c. Redbird Corporation would recognize a gain of $340,000 and a loss of $20,000.
d. Redbird Corporation would recognize a gain of $20,000
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