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Question - Now assume Delrey, Inc. is a wholly owned subsidiary of Monterrey, Inc. Purchase price has been negotiated to the same as in #1 (Property with an adjusted $500,000 and FMV of $3,000,000 and Cash of $20,000,000. Zena and Delrey consent to a IRC Section 338(h)(10) election. Monterrey's basis in Delrey is $13,000,000. On July 1, 2019 Zena, Inc. Purchased the stock of Delrey, Inc. directly from Monterrey, Inc. Zena consummated the purchase using cash of $20,000,000 and property with an adjusted basis of $500,000 and a Fair Market value of $3,000,000. At the time of the acquisition, Delrey had the following assets:
Assets
Adjusted basis
FMV
AR
400,000
300,000
Marketable securities
800,000
Loan receivable
200,000
100,000
US GOV Securities
500,000
Inventory
1,000,000
2,000,000
Furniture/fixtures
0
1,100,000
Building
600,000
4,000,000
Covenant not to compete
1,200,000
Total
3,000,000
10,000,000
Required - What would be the primary benefit to Zena from the IRC Section 338 election?
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