Unformatted text preview: Red Corporation (E & P of $6 million) distributes land (fair value of $500,000, basis of $340,000) in redemption of one-half of the estate’s stock in the corporation. The estate sells the land five month later for $520,000. Required : What are the tax consequences to Red Corporation and to the estate as a result of the redemption and sale?...
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- Spring '08
- Taxes, Corporation, Red Corporation, death taxes