Fraser Corp., a 75 percent owned subsidiary of McCoy Corp., made a pro rata distribution of a
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Fraser Corp., a 75 percent owned subsidiary of McCoy Corp., made a pro rata distribution of a parcel of land that had been used in its business in redemption ofi ts stock in a complete liquidation. The parcel of land had a basis of $300,000 and a fair market value of $410,000. What amount and character of gain (if any) must be recognized by Fraser Corp. as a result of the distribution?
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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