question archive Fillow Corporation acquires the assets of Grout Corporation in a valid Type C reorganization
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Fillow Corporation acquires the assets of Grout Corporation in a valid Type C reorganization. Both corporations are calendar year taxpayers. The reorganization is completed on December 31st of Year 1. At the beginning of Year 1, Filliow had $30,000 in accumulated earnings and profits while Grout had a $50,000 deficit in accumulated earnings and profits. During Year 1, Fillow had $20,000 in current earnings and profits while Grout broke even.
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