Clifton Corporation acquired all of the outstanding Gillion stock on January 1 , Year 1...
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Accounting
Clifton Corporation acquired all of the outstanding Gillion stock on January 1 , Year 1 , for $4,152,200. The parties immediately elected to file consolidated Federal income tax returns. Gillion reported a Year 1 taxable loss of $622,830, but it generated $830,440 of taxable income in Year 2 and $415,220 in Year 3. Gillion paid a \$207,610 dividend to Clifton in Year 2 and a \$6,228 in Year 3. Compute Clifton's stock basis in Gillion on the last day of each of the indicated tax years. Year 1: \$ Year 2: \$ Year 3: \$
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