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In 2022. Michelle Corporation transfers Land (Adjusted Basis of $50,000 and Fair Market Value of 5300,000) to the Estate of a sharehoider. The transfer quatified

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In 2022. Michelle Corporation transfers Land (Adjusted Basis of $50,000 and Fair Market Value of 5300,000) to the Estate of a sharehoider. The transfer quatified for Section 303 Stock Redemption treatment. The estate sells the Land six (6) months later for $350,000, As a result, the Gain Recognized by the estate is. 5300,000 550,000 . $350.000

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