Exercise 20-21 (Algorithmic) (LO. 2)\ Blush Corporation owns long-term bonds (basis of

$2,835,000

) of its subsidiary, Brass Corporation, that were acquired at a discount. Upon liquidation of Brass pursuant to

332

, Blush receives a distribution of

$3,402,000

, the face amount of the bonds. Determine Blush Corporation's recognized gain or loss on the distribution.\ Blush has a recognized of

$

Exercise 20-21 (Algorithmic) (LO. 2) Blush Corporation owns long-term bonds (basis of $2,835,000 ) of its subsidiary, Brass Corporation, that were acquired at a discount. Upon liquidation of Brass pursuant to 332, Blush receives a distribution of $3,402,000, the face amount of the bonds. Determine Blush Corporation's recognized gain or loss on the distribution. Blush has a recognized of $