Niffy Corporation, a domestic C corporation, issued 100 shares of Code Sec. 1202 stock on November 1,
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Niffy Corporation, a domestic C corporation, issued 100 shares of Code Sec. 1202 stock on November 1, 2014, to Jennifer in exchange for $5,000. This was the first time it issued such stock. Jennifer sold the shares on November 15, 2019. She had a $20,000 realized gain on the sale. How much of the gain can Jennifer exclude, assuming Niffy Corporation always has been actively engaged in a trade or business and always has qualified as a small business corporation?
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Under Code Sec 1202 qualified small business stock gain may be eligible for exclusion if certain con...View the full answer
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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