Match the following items with the statements that follow. Terms may be used more than once.
-Flower Corporation is owned by Carry and Kim. All of Carry's stock value of $200,000) is exchanged for $200,000 in bonds. Kim exchanges no stock in the transaction.
A)Boot
B)Business credits
C)Capital gain
D)Continuity of business enterprise
E)Continuity of interest
F)Dividend
G)Discount rate
H)Earnings and profits
I)Federal long-term tax-exempt rate
J)Liability assumption
K)Ordinary gain
L)Ownership change
M)Section 382 limitation
N)Sound business purpose
O)Step transaction

Question

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The Answer of Match the following items with the statements that follow. Terms may be used more than once.
-Flower Corporation is owned by Carry and Kim. All of Carry's stock value of $200,000) is exchanged for $200,000 in bonds. Kim exchanges no stock in the transaction.
A)Boot
B)Business credits
C)Capital gain
D)Continuity of business enterprise
E)Continuity of interest
F)Dividend
G)Discount rate
H)Earnings and profits
I)Federal long-term tax-exempt rate
J)Liability assumption
K)Ordinary gain
L)Ownership change
M)Section 382 limitation
N)Sound business purpose
O)Step transaction

Match the Following Items with the Statements That Follow