What is mark''s recognized gain

Reference no: EM13186917

Mark receives a liquidating distribution from Arrows Corporation as part of a redemption of all of its stock. Mark's basis for his Arrows stock is $10,000. In exchange for his stock, Mark receives property with a $10,000 basis in the hands of the corporation, a $25,000 fair market value, but that is subject to a $12,000 mortgage, and he also receives cash of $15,000. What is Mark's recognized gain?

Reference no: EM13186917

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