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p corp. distributed to its sole shareholder land worth $50,000. the land had a basis of $40,000 and was subject to a mortgage of $80,000.

p corp. distributed to its sole shareholder land worth $50,000. the land had a basis of $40,000 and was subject to a mortgage of $80,000. How much gain must p recognize on the distribution of the land?

a. $20,000

b. $30,000

c. $40,000

d. $50,000

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