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Lark Corp. and its wholly owned subsidiary, Day Corp., both operated on a calendar year. In January 2012 Day adopted a plan of complete liquidation. Two months later, Day paid all of its liabilities and distributed its remaining assets to Lark. These assets consisted of the following:
Fair market value of the land was $30,000. Upon distribution of Day’s assets to Lark, all of Day’s capital stock was cancelled. Lark’s basis for the Day stock was $7,000. Lark’s recognized gain in 2012 on receipt of Day’s assets in liquidation was A. $50,000 B. $73,000 C. $53,000 D. $0 |