a. Determine Goose Corporation's recognized gain or loss on the liquidation. Goose recognizes of $ . As a result, Goose's basis in the Swift stock is now $ b. Determine Goose Corporation's basis in the assets received in liquidation. Goose Corporation has a basis of $ in the assets received in liquidation.

a. Determine Goose Corporation's recognized gain or loss on the liquidation. Goose recognizes of $ . As a result, Goose's basis in the Swift stock is now $ b. Determine Goose Corporation's basis in the assets received in liquidation. Goose Corporation has a basis of $ in the assets received in liquidation.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Goose Corporation has a basis of $7,645,000 in the stock of Swift Corporation, a wholly owned subsidiary acquired 30 years ago. Goose liquidates Swift Corporation and receives assets that are worth $6,116,000 and have a basis to Swift of $
5,351,500. If an amount is zero or there is no gain or loss, enter "0". a. Determine Goose Corporation's recognized gain or loss on the liquidation. Goose recognizes of: . As a result, Goose's basis in the Swift stock is now s b. Determine Goose
Corporation's basis in the assets received in liquidation. Goose Corporation has a basis of $ in the assets received in liquidation.

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