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under a plan of complete liquidation, jayhawk corporation distributed land, having an adjusted base of $26,000 to its sole shareholder. the land was subject to

under a plan of complete liquidation, jayhawk corporation distributed land, having an adjusted base of $26,000 to its sole shareholder. the land was subject to a liability of $38,000 which the shareholder assumed for legitimate purposes. the fair market value of the land was $35,000. what is the amount of jayhawks recognized gain or loss? what would you answer be if the lands fair value was $100,000

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