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Question - Janie owns 675 of the 900 outstanding shares of Parent Corporation stock. Parent owns 720 of the 900 outstanding shares of Subsidiary Corporation stock. Janie sells 225 shares of her Parent Stock to Subsidiary for $135,000. Janie's basis in her Parent shares is $74,250 ($110 per share). At the end of the year of sale, Subsidiary and Parent have? E&P of $153,000 and $138,000, respectively.
Required -
a. What are the amount and character of Janie's recognized gain or loss on the sale?
b. What is Janie's basis in her remaining shares of Parent stock?
c. How does the sale affect the E&P of Parent and Subsidiary?
d. What basis does Subsidiary take in the Parent shares it purchases?
e. How would your answer to Part a change if Janie instead sells 450 of her Parent shares to Subsidiary for $270,000?
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