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Problem - Limitation on Losses - X Corporation is owned 90% by T and 10% by A, two unrelated individuals. In anticipation of liquidation, T contributes land with a basis of $200,000 and a fair market value of $140,000 to X.
a. What is the effect on X Corporation if the land is distributed to T as part of the liquidation at a time when its value is $120,000?
b. What is the effect on X Corporation if the land is distributed to A as part of the liquidation at a time when its value is $120,000?
c. What is the effect on X Corporation if the land is sold for $120,000 and the proceeds are distributed to T and A as part of the liquidation of X?
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