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Global Corporation distributed property with an $438,500 fair market value and a $241,175 adjusted basis to one of its shareholders. The property was subject to
Global Corporation distributed property with an $438,500 fair market value and a $241,175 adjusted basis to one of its shareholders. The property was subject to a $132,646 mortgage, which the shareholder assumed. Global has ample E & P to cover any distribution made during the year. What is the amount of the shareholder's dividend income on the distribution? What is the shareholder's basis in the property received
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