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Compute gain from the liquidation and basis in the building

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Question - In a complete liquidation, Francis receives a building with a fair market value of $100,000 and assumes a mortgage of $45,000. If the basis of Francis' stock is $30000, compute gain from the liquidation and basis in the building?

a. $25,000 and $55,000

b. $30,000 and $55,000

c. $25,000 and $100,000

d. $30,000 and $100,000

Reference no: EM132704764

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