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A corporation distributes land with a FMV of $85,000 (basis $50,000). The land has a mortgage of $95,000 assumed by the shareholder. Gain to the
A corporation distributes land with a FMV of $85,000 (basis $50,000). The land has a mortgage of $95,000 assumed by the shareholder. Gain to the corporation is:
A) $45,000
B) $35,000
C) $10,000
D) $0
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