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c. Use the facts in part a, but assume that rather than cash, John received an asset with a fair market value of $160,000 and
c. Use the facts in part a, but assume that rather than cash, John received an asset with a fair market value of $160,000 and a basis to the corporation of $120,000. - How much tax would John owe from this distribution? - What are the tax implications to Whether Corporation? (This is tricky)
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