Solved: Tax consequences of amanda selling stock in delray, Accounting Basics

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Tax consequences of amanda selling stock in delray

Problem:

Amanda, Sue, and Mary each own 100 of the 300 outstanding shares of Delray Corporation stock. Amanda wants to sell her shares, which have a $40,000 basis and a $100,000 FMV.

Either Sue and/or Mary can purchase her shares, 50 shares each, or Delray can redeem all of Amanda's shares. Delray has a $150,000 E&P balance.

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Accounting Basics: Tax consequences of amanda selling stock in delray

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Accounting Basics: Tax consequences of amanda selling stock in delray

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