When micheles basis in her stock is 225000 hawk distributes, Ask an Expert

Management Studies

The stock of Hawk Corporation is owned equally by three sisters, Michele, Melanie, and Miranda. Hawk owns land (basis of $250,000, fair market value of $210,000) that it has held for investment for eight years. When Michele's basis in her stock is $225,000, Hawk distributes the land to her in exchange for all of her shares. What are the tax consequenses for both Hawk and Michele if the distribution is:

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Business Management, Management Studies

Category:- Business Management
Reference No.:- M9109055

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