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What is the amount and character of Gaston gain or loss

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Problem - Gaston Corporation distributes § 1245 property as a dividend to its shareholders. The property's fair market value is $580,000, and the adjusted basis is $560,000. In addition, the amount of the recapture potential is $55,000. What is the amount and character of Gaston's gain or loss?

Reference no: EM132672064

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