Reese881 Reese881

21-12-2022
Business

Answered

situation amount 1. red and blue were the only shareholders of purple, inc., an s corporation. on january 1, year 1, red owned 45 shares and blue owned 55. on november 30, year 1, blue sold all of his shares to yellow for $15,000. the corporation reported a $60,000 gain at the end of year 1. how much of the gain is allocated to yellow?

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