Jaeschbacker- AC430 Assignment-Unit 5

Jaeschbacker- AC430 Assignment-Unit 5 - Joanna Aeschbacker...

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Joanna Aeschbacker Unit 5 Assignment Unit 5 Assignment 6-5, 6-9, 6-10, 6-33, 6-36, 6-37 6-5: Ordinary Dividends Stock Redemption Complete Liquidation Shareholder -reduces basis in stock, remainder is taxed as a capital gain or loss -distribution amount received by shareholder in exchange for stock is treated as a dividend -if the distribution meets certain requirements, amount can be offset by the adjusted basis and treated as a capital gain or loss -must recognize gain or loss -adjusted basis is the FMV -if property received from liquidation, holding period begins the day after liquidation -any liabilities assumed reduce realized gain Distributing Corporation -no gain or loss recognized, corporation is distributing profits which have already been taxed -No loss recognized when stock is redeemed by distributing property that has declined in value -recognizes gain when stock is redeemed by distributing property that as appreciated, gain is treated as if corporation distributed noncash property for its
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