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Holdbrook, Inc., an S corporation, distributes a tract of land held as an investment to Karl, its majority shareholder. The land was purchased for $22,000
Holdbrook, Inc., an S corporation, distributes a tract of land held as an investment to Karl, its majority shareholder. The land was purchased for $22,000 many years ago and currently is worth $82,000. Holdbrooks taxable gain is:
a. $-0-.
b. $22,000.
c. $60,000.
d. $82,000
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