At the beginning of the current (non-leap) year, Douglass owns all of Lighthouse Supply Corporation's outstanding stock. His basis in the stock is $70,000. On July 1, he sells all his stock to Matt for $105,000. During the year, Lighthouse Supply, a calendar year taxpayer, makes two cash distributions: $52,000 on March 1 to Douglass and $100,000 on September 1

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Federal Taxation 2016 Comprehensive

29th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

ISBN: 9780134104379