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Problem 1: Pursuant to a complete liquidation, Wren Corporation distributes to its shareholders land with a basis of $350,000, fair market value of $1.2 million. On the distribution:

a.Wren Corporation has a gain of $850,000

b. Wren Corporation has a gain of $1,200,000

c. Wren Corporation has a gain of $350,000

d. Wren Corporation does not recognize gain

e. None of the above.

Reference no: EM132929464

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