Crow corporation has been a calendar year S corporation for several years. On August 14,...
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Crow corporation has been a calendar year S corporation for several years. On August 14, 2008, one of its shareholders sells her stock to Kite Corporation. Result?
What if Kite Corporation (a C Corp) buys all the stock of Crow corporation (S Corp) for $10 million, and Kite and the owners of Crow make a sec. 338(h)(10) election? Assume that the basis of Crows assets is $3 million, and that the shareholders cumulatively also have a basis of $3 million in their Crow shares.
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