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What is Jen basis in the distributed property

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Q1. The Alpha Corporation owns a building with a basis of $200,000. The FMV of the building is $180,000. Alpha distributes the property in a nonliquidating distribution to Jen, its sole shareholder. Alpha will recognize a $20,000 loss.

a. true.

b. false.

Q2. The Alpha Corporation owns a building with a basis of $200,000. The FMV of the building is $180,000. Alpha distributes the property in a nonliquidating distribution to Jen, its sole shareholder. What is Jen's basis in the distributed property?

Reference no: EM132706057

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