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Donald Obama is a cash basis taxpayer who owns stock in a C Corporation that sells cars. In 2018, Mr. Obama received a dividend distribution

Donald Obama is a cash basis taxpayer who owns stock in a C Corporation that sells cars. In 2018, Mr. Obama received a dividend distribution from the company in the form of a promissory note that was payable: 1. In exchange for a car valued up to $60,000 or 2. On August 2, 2018 for $30,000 cash. How much income should Donald recognize in 2018?

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