Flakey Company Complete Liquidation of Its Holdings

Flakey Company Complete Liquidation of Its Holdings

Question Description

flakey company received $15,000 cash and property valued at $30,000 in complete liquidation of its holdings in boomer co, a 20 owned subsidiary flakey basis in boomer stock was $1,000 and boomer’s basis in the property was $10,000 what is flakey cos basis in the noncash property received

a $1,000

 

b $45,000

c $10,000

d $30,00

 

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