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Under a plan of liquidation, Armani Corp distributes property to its sole shareholder, Kelly. Kelly's baiss in her stock is $20,000. The property has a

Under a plan of liquidation, Armani Corp distributes property to its sole shareholder, Kelly. Kelly's baiss in her stock is $20,000. The property has a FMV of $30,000 and an adjusted basis of $50,000.

What is the realized gain/loss to Armani Corp?

What is the recognized gain/loss to Armani Corp? What is the realized gain/loss to Kelly?

What is the recognized gain/loss to Kelly?

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