Question

Green Corporation's assets are valued at $1,502,000 after payment of all corporate debts, except for $225,300 of taxes payable on net gains it recognized on the liquidation. Bruno, an individual and the sole shareholder of Green, has a basis of $78,855 in his stock. Compute the gain or loss recognized by Bruno on the liquidation of Green Corporation. Bruno has a recognized of $fill in the blank 2 as a result of the liquidation.

Answer 1

Answer:

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Explanation:

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