a. Determine Goose Corporation's recognized gain or loss on the liquidation. Goose recognizes of $ . As a result, Goose's basis in the Swift stock is now $ b. Determine Goose Corporation's basis in the assets received in liquidation. Goose Corporation has a basis of $ in the assets received in liquidation.
a. Determine Goose Corporation's recognized gain or loss on the liquidation. Goose recognizes of $ . As a result, Goose's basis in the Swift stock is now $ b. Determine Goose Corporation's basis in the assets received in liquidation. Goose Corporation has a basis of $ in the assets received in liquidation.
Chapter6: Corporations: Redemptions And Liquidations
Section: Chapter Questions
Problem 60P
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Question
![Goose Corporation has a basis of $7,645,000 in the stock of Swift Corporation, a wholly owned subsidiary acquired 30 years ago. Goose liquidates Swift Corporation and receives assets that are worth $6,116,000 and have a basis to Swift of $
5,351,500. If an amount is zero or there is no gain or loss, enter "0". a. Determine Goose Corporation's recognized gain or loss on the liquidation. Goose recognizes of: . As a result, Goose's basis in the Swift stock is now s b. Determine Goose
Corporation's basis in the assets received in liquidation. Goose Corporation has a basis of $ in the assets received in liquidation.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7abc32f-725e-4089-ac2c-71d5147bf655%2Fa7b8f884-a7ef-4035-b5e0-b5ca9e72c096%2Fh1d9bz_processed.png&w=3840&q=75)
Transcribed Image Text:Goose Corporation has a basis of $7,645,000 in the stock of Swift Corporation, a wholly owned subsidiary acquired 30 years ago. Goose liquidates Swift Corporation and receives assets that are worth $6,116,000 and have a basis to Swift of $
5,351,500. If an amount is zero or there is no gain or loss, enter "0". a. Determine Goose Corporation's recognized gain or loss on the liquidation. Goose recognizes of: . As a result, Goose's basis in the Swift stock is now s b. Determine Goose
Corporation's basis in the assets received in liquidation. Goose Corporation has a basis of $ in the assets received in liquidation.
![Goose Corporation has a basis of $7,645,000 in the stock of Swift Corporation, a wholly owned subsidiary acquired 30 years ago. Goose
liquidates Swift Corporation and receives assets that are worth $6,116,000 and have a basis to Swift of $5,351,500.
If an amount is zero or there is no gain or loss, enter "0".
a. Determine Goose Corporation's recognized gain or loss on the liquidation.
Goose recognizes
of $
. As a result, Goose's basis in the Swift stock is now $
b. Determine Goose Corporation's basis in the assets received in liquidation.
Goose Corporation has a
basis of $
in the assets received in liquidation.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7abc32f-725e-4089-ac2c-71d5147bf655%2Fa7b8f884-a7ef-4035-b5e0-b5ca9e72c096%2Fwbxz0ze_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Goose Corporation has a basis of $7,645,000 in the stock of Swift Corporation, a wholly owned subsidiary acquired 30 years ago. Goose
liquidates Swift Corporation and receives assets that are worth $6,116,000 and have a basis to Swift of $5,351,500.
If an amount is zero or there is no gain or loss, enter "0".
a. Determine Goose Corporation's recognized gain or loss on the liquidation.
Goose recognizes
of $
. As a result, Goose's basis in the Swift stock is now $
b. Determine Goose Corporation's basis in the assets received in liquidation.
Goose Corporation has a
basis of $
in the assets received in liquidation.
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