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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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