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Problem - Castle and Dave formed an S corporation that is owned as follows: Castle 75% and Dave 25%. The corporation distributes an asset to each owner. The corporation has a basis of $45,000 for each asset. The fair market value of each of the assets is as follows: Castle $90,000 and Dave $50,000. The distribution results in:
Required -
a. How much recognized gain for the corporation?
b. How much gain to Dave?
c. How much gain to Castle?
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