Solved: Julie paid 150share for those shares 15 years ago brandons, Accounting Basics

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Julie paid 150share for those shares 15 years ago brandons

Question - Julie owns 700 shares (70%) of Brandon Corporation (the remaining shares are owned by unrelated individuals). Julie paid $150/share for those shares 15 years ago. Brandon's E&P is $1,000,000. What are the tax consequences of the following?

a. Brandon redeems 350 shares of Julie's stock for $200,000.

b. Brandon redeems 450 shares of Julie's stock for $275,000.

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Accounting Basics: Julie paid 150share for those shares 15 years ago brandons

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Accounting Basics: Julie paid 150share for those shares 15 years ago brandons

Reference No:- TGS02863915

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