WhaleCo acquired all of the common stock of MinnowCo early in year 1 for $900,000, and MinnowCo immediately elected to join WhaleCo’s consolidated Federal income tax return. As part of the takeover, WhaleCo also acquired $300,000 of MinnowCo bonds. The results of MinnowCo for the first few years of the group operations were reported as follows.
Tax Year Operating Gain/Loss Stock Basis
1 $ 100,000
Determine WhaleCo’s basis in its MinnowCo common stock as of the end of each tax year.
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