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Corporation Z completely liquidated in October of the current year, at which time Z made a liquidating distribution to its shareholders. The property distributed was
Corporation Z completely liquidated in October of the current year, at which time Z made a liquidating distribution to its shareholders. The property distributed was subject to a liability of $40,000 and had a fair market value of $360,000. Z's adjusted basis in the property at the time of the distribution was $120,000.
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South Western Federal Taxation 2017 Essentials Of Taxation Individuals And Business Entities
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen
20th Edition
978-0357109144, 978-0357686652, 978-1305874824
