16-22 CCH Federal Taxation-Comprehensive Topics 32. Alex purchased one thousand shares of Ambrose Corporation stock on March 10, Alex received the following as a distribution 2016, for $95,000. On August 1, 2017, in cancellation of his stock in a complete liquidation of Ambrose: Fair Market Value Cash Equipment Land Building Liabilities $5,000 10,000 30,000 120,000 (20,000) $145,000 What is the amount and character of Alex's recognized gain? a. b. What is Alex's basis for each of the items of property received? When does the holding period for each of the items of property begin? How would your answer to (a) change if Alex had purchased 500 shares of Ambrose stock 15 months ago for $10,000, and the remaining 500 shares c. d. six months ago for $80,000