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Problem - Osprey Corporation stock is owned by Pedro and Pittro, who are unrelated. Pedro and Pittro each own 50% of the stock in the corporation. Osprey has the following assets (none of which were acquired in a § 351 or contribution to capital transaction) that are distributed in complete liquidation of the corporation.
Adjusted Basis
Fair Market Value
Cash
$300,000
Land
200,000
440,000
Equipment
250,000
140,000
Assume that Osprey Corporation distributes the land to Pedro and the cash and equipment to Pittro.
Required -
a. Determine Osprey's recognized gain or loss on the distribution of land.
b. Determine Osprey's recognized gain or loss on the distribution of the equipment.
An unrecorded liability was not recorded on the balance sheet of $2000. Prepare a balance sheet in good form (stockholders' equity details can be omitted.)
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