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Compute the Lake City basis in the land

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Question - Lake City Corporation owns all of the stock in Columbia Corporation. Pursuant to a plan of complete liquidation, Columbia distributes land having a $500,000 FMV and a $200,000 basis to Lake City. Compute the Lake City's basis in the land?

A. $500,000.

B. $200,000.

C. 0.

D. Cannot be determined from the facts presented.

Reference no: EM132447313

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