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Which loss must the shareholder recognize on distribution

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Reference no: EM132908801

A corporation is undergoing a complete liquidation and distributes land to an individual shareholder in exchange for all the shareholder stock.
The land has a basis of 300,000 and a FMV of 400,000 on the corporation books and also has a 325,000 liability. The shareholder assumes the liability on the property, and their basis in the corporation stock is 100,000.

Problem 1: Which gain or loss must the shareholder recognize on the distribution?

Reference no: EM132908801

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