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What determines if a distribution is non-liquidating or liquidating? What is the effect on the liquidating corporation when it distributes property that has a fair

What determines if a distribution is non-liquidating or liquidating?

What is the effect on the liquidating corporation when it distributes property that has a fair market value higher or lower than its basis? How does this differ in a non-liquidating and liquidating distribution?

When a shareholder receives a distribution what is the different treatment to the shareholder in a liquidating vs non-liquidating distribution?

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