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What is the amount of Popcorn gain on the distribution

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Question - Popcorn Corporation distributed land to its sole shareholder. On the date of distribution, the land had a fair market value of $85,000 and an adjusted basis to Popcorn of $42,000. What is the amount of Popcorn's gain on the distribution?

a. $43,000

b. $42,000

c. $0

d. $85,000

Reference no: EM132697035

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