Global Corporation distributed property with a $246,000 fair market value and $135,300 adjusted basis to one of
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Question:
Global Corporation distributed property with a $246,000 fair market value and $135,300 adjusted basis to one of its shareholders. The property was subject to a $74,415 mortgage, which the shareholder assumed. Global has ample E & P to cover any distribution made during the year.
As a result, the shareholder a taxable dividend (before the dividends received deduction), of $__________and a basis of $________for the property.
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