For items 7 through 9 select the correct amount of tax basis that each shareholder will have for the property received in complete liquidation of Plumtree Corporation.An amount may be selected once, more than once, or not at all.
Selections
A.$0
E.$8,000
B.$3,500
F.$10,000
C.$5,000
G.$45,000
D.$7,000
H.$80,000
9.What will be the tax basis of the land received by Oak Corporation?
9. (G) Since the liquidation qualified as a Sec. 332 liquidation and no gain was recognized to Oak Corporation, the land received has a transferred basis of $45,000.
