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Determine Goose Corporation recognized gain or loss

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Reference no: EM132646684

Problem - Goose Corporation has a basis of $2.4 million in the stock of Swift Corporation, a wholly owned subsidiary acquired 30 years ago. Goose liquidates Swift Corporation and receives assets that are worth $2 million and have a basis to Swift of $1.7 million.

Required -

a. Determine Goose Corporation's recognized gain or loss on the liquidation.

b. Determine Goose Corporation's basis in the assets received in liquidation.

Reference no: EM132646684

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