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5. Zest Company distributes property to its shareholders throughout the year. Some of the distributions are dividends and a few qualified as redemptions. The adjusted

5. Zest Company distributes property to its shareholders throughout the year. Some of the distributions are dividends and a few qualified as redemptions. The adjusted basis of all property was different from the fair market value. Does it recognize a gain or loss when it distributes property as a dividend or in a redemption?

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