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What is elwood tax basis for the non cash property

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Question - Elwood received a liquidating distribution from Lopas Corp. as part of a redemption of all of its stock. Elwood's basis for his lopas stock was $10,000. In exchange for his stock, Elwood received property with a $ 10,000 basis and a $35,000 fair market value that is subject to a $18,000 mortgage, and also received cash of $15,000.

a. What is Elwood's realized and recognized gain from this complete liquidation?

b. What is Elwood's tax basis for the non cash property he received?

Reference no: EM132025771

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