On June 5,2007,Blue Corporation purchased 10% of the Gold Corporation stock outstanding.Blue Corporation purchased an additional 40% of the stock in Gold on May 5,2008,and an additional 30% on July 17,2008.On November 4,2008,Blue Corporation purchased the remaining 20% of Gold Corporation stock outstanding.
a.For purposes of the § 338 election, on what date does a qualified stock purchase occur?
b.What is the due date for making the § 338 election?

Question

Quizplus · Accepted Answer

The Answer of On June 5,2007,Blue Corporation purchased 10% of the Gold Corporation stock outstanding.Blue Corporation purchased an additional 40% of the stock in Gold on May 5,2008,and an additional 30% on July 17,2008.On November 4,2008,Blue Corporation purchased the remaining 20% of Gold Corporation stock outstanding.
a.For purposes of the § 338 election, on what date does a qualified stock purchase occur?
b.What is the due date for making the § 338 election?

On June 5,2007,Blue Corporation Purchased 10% of the Gold Corporation