Goose Corporation has a basis of $2,400,000 in the stock of Swift Corporation, a wholly owned subsidiary acquired 30 years ago. Goose liquidates Swift Corporation and receives assets that are worth $2,000,000 and have a basis to Swift of $1,700,000.
If an amount is zero or there is no gain or loss, enter "0".
a. Determine Goose Corporation’s recognized gain or loss on the liquidation.
Goose recognizes no gain or loss of $. As a result, Goose’s basis in the Swift stock is now $____________.
b. Determine Goose Corporation’s basis in the assets received in liquidation.
Goose Corporation has a carryover basis of $______________ in the assets received in liquidation.