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Barry transferred his 10 percent interest in Sand Pine Co. back to the corporation as part of a complete liquidation. In return for his stock,
Barry transferred his 10 percent interest in Sand Pine Co. back to the corporation as part of a complete liquidation. In return for his stock, Barry received land with a fair market value of $100,000 and an adjusted basis (to Sand Pine) of $80,000. Barry's basis in the Sand Pine stock was $50,000 before the distribution. What amount of gain does Barry recognize on the liquidating distribution, and what is his basis in the distributed land?
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