Casey Corporation has three assets when it decides to liquidate: The corporation sells the stock for its fair market value and distributes the other two assets to its sole shareholder.What is its tax liability on its final tax return if it had $45,000 of income from operations prior to liquidating?

Question

Casey Corporation has three assets when it decides to liquidate:  The corporation sells the stock for its fair market value and distributes the other two assets to its sole shareholder.What is its tax liability on its final tax return if it had $45,000 of income from operations prior to liquidating?

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The Answer of Casey Corporation has three assets when it decides to liquidate:  The corporation sells the stock for its fair market value and distributes the other two assets to its sole shareholder.What is its tax liability on its final tax return if it had $45,000 of income from operations prior to liquidating?

Casey Corporation Has Three Assets When It Decides to Liquidate