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What is the tax consequence to juan

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Question - Bristlebird Corporation (E&P of $700,000) has 3,000 shares of common stock outstanding. Juan owns 1,500 shares and his wife, Roberta, owns 1,500 shares. Juan and Roberta each have a basis of $90,000 in their Bristlebird stock. In the current year, Bristlebird Corporation redeems 1,000 shares from Juan for $250,000. What is the tax consequence to Juan with respect to the distribution in redemption of the Bristlebird stock?

Reference no: EM132158603

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