What you told arnold over phone

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Reference no: EM13140604

Friedman, Inc., an S Corporation, holds some highly appreciated land and inventory, and some marketable securities that have declined in value. It anticipates a sale of these assets and a complete liquidation of the company over the next two years. Arnold Schwartz, the CFO, calls you, asking how to treat these transactions. Prepare a tax memo dated June 18, 2008, indicating what you told Arnold over the phone.

Reference no: EM13140604

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