Renee the sole sharholder of indigo coproration sold her stock to chad on July 1 for 180,000. Renees stock basis at he beginning of the year was 120,000. Indigo made a 60,000 cash distribution to Renee immediately before the sale, while chad received a 120,000 cash distribution from Indigo on November 1. As of the beginning of the current year, Indigo had 26,000 in accumulated E and p, while current E and P (before distributions) was 90,000. Which of the following statement is correct. The asnwer is Renee recognized a gain on the sale of the stock of 64,000. How did they get this