[61] Gleim #: 16.1.9 Mr. Fox owns 500 shares of stock in Ocean Corporation, which...
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[61] Gleim #: 16.1.9 Mr. Fox owns 500 shares of stock in Ocean Corporation, which represents 52% of Oceans only class of stock issued and outstanding. Mr. Foxs basis in the stock is $50,000 ($100 per share). Ocean redeems 250 shares of Mr. Foxs stock for $40,000. The redemption is properly treated as a distribution of cash in exchange for the stock. What is Mr. Foxs basis in his remaining shares of stock?
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