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Ally is getting married and moving to california

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Panther Corporation Ally, Bettina and Carly are sisters and each own 100 shares of 300 shares outstanding of Panther Corporation. They have enjoyed running the business together for several years and have been successful. Ally is getting married and moving to California. She feels she can no longer be involved in the business and wants to sell her stock, which has a basis of $40,000 and a FMV of $100,000. Either Bettina and/or Carly can purchase Ally's shares or Panther can redeem all of them. Panther has a $220,000 E & P balance. Required: Prepare a memorandum for your manager comparing the tax consequences of the two options. Be sure to use only primary authority to reference all your conclusions.

Reference no: EM13995156

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