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How much gain plainwell ice cream corporation recognize

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Problem - Plainwell Ice Cream Corporation distributed property with a $500,000 fair market value and $100,000 adjusted basis to Luis, one of its shareholders. The property was subject to a $600,000 mortgage, which Luis assumed. Plainwell Ice Cream Corporation E & P is $200,000.

a. How much of the property distribution is treated as dividend income, if any?

b. How much gain, if any, does Plainwell Ice Cream Corporation recognize?

Reference no: EM132948713

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