In 2003,Floyd Carried Out a Successful Complete Termination Redemption of His

In 2003,Floyd carried out a successful complete termination redemption of his stock in Gray Corporation.Floyd was able to qualify the transaction as a complete termination redemption only by use of the family attribution waiver.In 2008,Floyd inherits stock in Gray Corporation from his father.Floyd has acquired a prohibited interest within the 10-year postredemption period and,as a result,the 2003 redemption no longer qualifies as a complete termination redemption.