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What is the amount of gain or loss recognized by carol

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Problem 1: Florida Corporation is undergoing a complete liquidation and distributes land to? Carol, one of its? shareholders, in exchange for all of? Carol's stock. The land has a tax basis of? $300,000 and an FMV of? $400,000 and is subject to a? $ 225,000 liability. Carol assumes the liability on the property.? Carol's basis in her Florida Corporation stock is? $100,000. What is the amount of gain or loss recognized by Carol on the ?distribution?

A. ?$300,000 gain
B. No gain or loss
C. ?$25,000 loss
D. ?$75,000 gain

Reference no: EM132842367

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