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Robin Corporation distributes furniture (basis of $40,000, fair market value of $50,000) as a property dividend to its shareholders. The furniture is subject to a

Robin Corporation distributes furniture (basis of $40,000, fair market value of $50,000) as a property dividend to its shareholders. The furniture is subject to a liability of $55,000. Robin Corporation recognizes gain of:

$55,000.

$15,000.

$10,000.

$0.

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Robin Corporation distributes furniture (basis of $40,000, fair market value of $50,000) as a property dividend to its shareholders. The furniture is subject to a

Robin Corporation distributes furniture (basis of $40,000, fair market value of $50,000) as a property dividend to its shareholders. The furniture is subject to a liability of $55,000. Robin Corporation recognizes gain of: $55,000. $15,000. $10,000. $0.

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Robin Corporation distributes furniture (basis of $40,000, fair market value of $50,000) as a property dividend to its shareholders. The furniture is subject to a liability of $55,000. Robin Corporation recognizes gain of:

$55,000.

$15,000.

$10,000.

$0.