Home / Questions / For seven years Monaco Corporation has been owned entirely by Stacy and Monique who are hu...
For seven years, Monaco Corporation has been owned entirely by Stacy and Monique, who are husband and wife. Stacy and Monique have a $165,000 basis in their jointly owned Monaco stock. The Monaco stock is Sec. 1244 stock. They receive the following assets in liquidation of their corporation: accounts receivable, $25,000 FMV; a car, $16,000 FMV; office furniture, $6,000 FMV; and $5,000 cash. a. What are the amount and character of their gain or loss? b. How would your answer change if the accounts receivable instead had a $140,000 FMV? c. What is the Monaco’s basis for each property received in the liquidation in Parts a and b?
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