Which of the following statements is correct in regards to the 338 selection?

a) the subsidiary corp makes the 338 selection

b) the parent recognizes no gain/loss as a result of the election

c) gain, but not loss is recognized by the subsidiary as a result of a deemed sale of its assets

d) a qualified stock purchase qualifies when a corporation acquires in a taxable transaction at least 80% of the stock of another corporation within 18 months

e) None of the above

Answer rating: 100% (QA)

ANSWER B The parent recognizes no gain loss as a result of the election RAT... View the full answer