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Question - Korak, Inc.'s equity section appears as follows:
Capital stock, 1,000 shares, par $1 $1,000
Paid-in capital 9,000
Earnings and profits 30,000
At this time, Korak redeems 40 percent of its shares for $17,000 from an individual shareholder with a basis of $20,000 in a transaction qualifying as a complete termination.
What is the amount and character of gain or loss recognized by the shareholder? The corporation?
What does the equity section look like after the redemption?
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