How water corporation treat the redemption for tax purposes, Taxation

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How water corporation treat the redemption for tax purposes

Question: In the current year, Water Corporation uses Fire Corporation's stock to redeem $5,000 of its own stock from its non-corporate shareholders. Water Corporation owns 30% of Fire Corporation's stock with a basis of $2,000 and a FMV of $18,000. How should Water Corporation treat the redemption for tax purposes?

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Taxation: How water corporation treat the redemption for tax purposes

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