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Compute Fox recognized gain on this distribution

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Reference no: EM132645949

Problem - Fox Corp. owned 2,000 shares of Duffy Corp. stock that it bought in year 0 for $9 per share. In year 8, when the fair market value of the Duffy stock was $20 per share, Fox distributed this stock to a noncorporate shareholder. Compute Fox's recognized gain on this distribution?

a. $40,000

b. $22,000

c. $18,000

d. $0

Reference no: EM132645949

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