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Marcie and her husband, Franklin, each own 50 shares of Chestnut, Inc. Sally, Marcie's old high school friend, owns the remaining 50 shares (150 total shares outstanding). Chestnut redeems 40 of Marcie's shares for $38,000 (her adjusted basis was $5,000). What is the tax treatment of the basis of the shares redeemed
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Marcie and her husband, Franklin, each own 50 shares of Chestnut, Inc. Sally, Marcie's old high scho...
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