Mrs. K acquired capital stock in JBQ corp in year 1 at a cost of...
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Accounting
Mrs. K acquired capital stock in JBQ corp in year 1 at a cost of $15,000. In year 3, under a plan of complete liquidation, Mrs. K received a $20,000 liquidating distribution. IN year 4, Mrs. K received a final liquidating distribution of $8000. What is the amount of gain Mrs. K should report in Year 3 and Year 4? a. 13,000 and 0 b. 9,286 and 3,714 c. 5,000 and 8,000 d. 0 and 13,000
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