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12. Does Maine Conform to the Federal Election Under IRC § 338(h)(10) to treat the sale of stock as a sale of assets?

Yes, an election under IRC § 338(h)(10) to treat the sale of stock as a sale of assets is also binding for Maine income tax purposes. Any gain realized on the deemed sale of assets must be included in adjusted taxable income unless otherwise excludible. Generally, a sale of assets under IRC § 338(h)(10) does not require the filing of a short-year return.

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