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4. P Co. owns 100% of S Co. P's basis in S Co. is 100. S Co. owns land, FMV 200, basis 125. S's E&P
4. P Co. owns 100% of S Co. P's basis in S Co. is 100. S Co. owns land, FMV 200, basis 125. S's E&P is 50. S adopts a plan of liquidation and liquidates later that same day. What consequences to the parties?
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