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Question - AB Corporation has two shareholders, A and B.A owns 50 shares worth $5,000 (basis = $1,000) and B owns 50 shares worth $5,000 (basis = $1,000). The corporation distributes $3,000 to B in exchange for 30 shares. What are the tax consequences to B?
(a) What is B's capital gain (if any) from the transaction?
(b) With regard to 3'5 remaining shares in AB Corporation, what is his basis per share?
Edgemont paid cash dividend of 25,000 in 2006. No additional stock was issued. Compute the retained earnings on December 31, 2005, and 2006.
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illinois wholesale company has an agreement with it sales manager entitling that individual to 7 of company earning as
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