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What basis Osborne Corporationhave in the assets acquired

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Question - Osborne, the parent corporation, has a basis of $540,000 in the stock of Widget Corporation, a subsidiary in which it owns 90% of all classes of stock. Osborne purchased the stock in Widget Corporation 10 years ago. In the current year, Osborne Corporation liquidates Widget Corporation and acquires assets worth $300,000 with a tax basis to Widget Corporation of $280,000. What basis will Osborne Corporationhave in the assets acquired from Widget Corporation?

Reference no: EM132493288

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