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What amount of loss or gain can Blue Corporation recognize

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Question - In February of the current year, Blue Corporation adopts a plan of complete liquidation. Its only asset is land with a fair market value $200,000 and a basis $150,000 and has a note of $10,000. Blue sells the land for $200,000 and pays off the note plus distributes to Jaime (a 100% shareholder) the proceeds. Jaime has a basis of $300,000 in the stock of Blue.

Required -

a. What amount of loss or gain can Blue Corporation recognize on the distribution of the proceeds to Jaime?

b. What gain or loss does Jamie recognize?

Reference no: EM132904872

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