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2. Corporation Y made the following distributions in complete liquidation to Adam, its sole shareholder. June 30, 2023 - $100,000 April 1, 2024 - $100,000

2. Corporation Y made the following distributions in complete liquidation to Adam, its sole shareholder. June 30, 2023 - $100,000 April 1, 2024 - $100,000 Adam's basis in his Corporation Y stock is $125,000. Calculate Adam's recognized gain or loss for 2023 and 2024

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