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Madison acquired shares in Johnson Tool and Die Corporation for $50,000; he sold the shares...

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Accounting

Madison acquired shares in Johnson Tool and Die Corporation for $50,000; he sold the shares for $260,000.

  1. If Johnson Tool and Die Corporation was a qualified small business corporation, how much can he claim against lifetime capital gains exemption?
  2. What conditions must a Qualified Small Business Corporation meet in order to be classified as such?
  3. How would your answer in (b) above change if instead of a qualified small business, Johnson Tool and Die was a qualified farm?

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