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What amount of gain must Aztec recognize

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Question - Aztec, a C corporation, distributed an asset to Burn, a shareholder. The asset had a fair market value of $30,000 and was subject to a $40,000 liability, assumed by Burn. The asset had an adjusted basis of $25,000. What amount of gain must Aztec recognize?

a. $0

b. $5,000

c. $10,000

d. $15,000

Reference no: EM132524677

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