47 A corporation is liquidated with an individual shareholder receiving property having an adjusted basis of...

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47 A corporation is liquidated with an individual shareholder receiving property having an adjusted basis of $60,000 and a FMV of $90,000. The property is subject to an $80,000 mortgage which the shareholder assumes. The shareholder's basis in the corporation stock is $50,000. Which gain or loss must the shareholder recognize? 13 $10,000 loss $10,000 gain O $40,000 loss O $40,000 gain 47 A corporation is liquidated with an individual shareholder receiving property having an adjusted basis of $60,000 and a FMV of $90,000. The property is subject to an $80,000 mortgage which the shareholder assumes. The shareholder's basis in the corporation stock is $50,000. Which gain or loss must the shareholder recognize? 13 $10,000 loss $10,000 gain O $40,000 loss O $40,000 gain