On July 15, 2021, Lilac Corporation purchased 25% of the Coffee Corporation stock outstanding. Lilac Corporation purchased
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On July 15, 2021, Lilac Corporation purchased 25% of the Coffee Corporation stock outstanding. Lilac Corporation purchased an additional 40% of the stock in Coffee on March 24, 2022, and an additional 20% on May 5, 2022. On September 24, 2022, Lilac Corporation purchased the remaining 15% of Coffee Corporation stock outstanding. For purposes of the § 338 election, on what date does a qualified stock purchase occur? What is the due date for making the § 338 election?
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A qualified stock purchase occurs when one corporation acquir...View the full answer
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Related Book For 
South Western Federal Taxation 2023 Comprehensive Volume
ISBN: 9780357719688
46th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young
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