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This year, C corporation redeemed all of the stock of two of its shareholders, A and B. The corporation distributed land worth $75,000 (basis $10,000)
This year, C corporation redeemed all of the stock of two of its shareholders, A and B. The corporation distributed land worth $75,000 (basis $10,000) to A and equipment worth $30,000 (basis $40,000) to B. What are the effects of the distributions, if any, on C's taxable income.
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