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If Corp X(C Distribution) distributes Blackacre to shareholders cost $10000 FMV $100000 a. Is the corporation taxed? Give Code Section and amount of tax b.

If Corp X(C Distribution) distributes Blackacre to shareholders cost $10000 FMV $100000 a. Is the corporation taxed? Give Code Section and amount of tax b. Are Shareholders taxed? Give character(ordinary income/capital gain) and code section(s) to support your answer.

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