Question: Ernesto was asking for $ 4 9 6 , 0 0 0 for the company. His tax basis in the BLI stock was $ 1

Ernesto was asking for $496,000 for the company. His tax basis in the BLI stock was $150,000. Included in the sales price was an unrecognized customer list valued at $150,000. The unallocated portion of the purchase price ($120,000) will be recorded as goodwill.
Assume Ernesto agrees to sell his stock in BLI to Amy and Brian for $496,000.
Problem 8-58 Part a (Algo)
a. What amount of gain or loss does BLI recognize if the transaction is structured as a stock sale to Amy and Brian? What amount of corporate-level tax does BLI pay because of the transaction?

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