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Learn moreFair market value at the time of liquidation is basis of asset for purposes of computing gain on subsequent sale
The High Court held that the basis of an asset received by a shareholder as part of liquidation proceeds was the fair market value (FMV) of the asset at the time of liquidation.聽
The case is: T.R. Balasubramanium v. ACIT
The court rejected arguments made by the tax authority that the taxpayer could not take a FMV basis in the asset because it both received the asset in liquidation and sold the asset in the same year.
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