Federal Tax Research 10th Edition by Steven Gill, Gerald Whittenburg, Roby Sawyers, Debra Sanders, William Raabe

تمرين 18

For $1 million, Dempsey Inc. purchased stock in a corporation that held only one asset, an FCC license, and thus is unable to treat the purchase as a business combination. The tax basis in the asset was $0. What method should Dempsey use to assign the value to the asset and the deferred tax liability