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Exercise 5-20 (Algorithmic) (LO. 5) Fargo Corporation distributes property (basis of $1,295,600 and fair market value of $1,554,720) to a shareholder. Fargo Corporation has sufficient

Exercise 5-20 (Algorithmic) (LO. 5) Fargo Corporation distributes property (basis of $1,295,600 and fair market value of $1,554,720) to a shareholder. Fargo Corporation has sufficient E & P for it...

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