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Layla tell Jedediah she plans to liquidate her company. Her basis in the stock is $75,000. Layla will receive partial distributions over three years. She

Layla tell Jedediah she plans to liquidate her company. Her basis in the stock is $75,000. Layla will receive partial distributions over three years. She will get $45,000 in Year 1; $40,000 in Year 2; and $30,000 in year three.

How much income must Xiang recognize in Year 1?

How much income must Xiang recognize in Year 2?

How much income must Xiang recognize in Year 3?

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