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What are the tax issues for Barry and Pheasant

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Reference no: EM132930733

Question - Tammy and Barry formed Pheasant Corporation several years ago in a transaction that qualified under § 351. Both shareholders serve as officers and on the board of directors of Pheasant. In the current year, Pheasant Corporation redeemed all of Barry's shares in the corporation with property distribution. What are the tax issues for Barry and Pheasant?

Reference no: EM132930733

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