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Thunder, Inc., with earnings and profits of $1 million, distributed property (FMV $150,000; A.B. $100,000) to its sole shareholder, Sam, in a non-liquidating distribution. The
Thunder, Inc., with earnings and profits of $1 million, distributed property (FMV $150,000; A.B. $100,000) to its sole shareholder, Sam, in a non-liquidating distribution. The property was subject to a liability of $30,000 which was assumed by Sam. Sam has a distribution of
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