In 2008, 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 2011, Floyd receives stock in Gray Corporation as a gift from his father. Floyd has acquired a prohibited interest within the 10-year postredemption period and, as a result, the 2008 redemption no longer qualifies as a complete termination redemption.
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