Abc corporation liquidated and distributed the following, Ask an Expert

Accounting

ABC Corporation liquidated and distributed the following assets to its individual shareholders:

Basis    FMV
Cash    40,000    40,000
Inventory    20,000    45,000
Land    60,000    75,000

How much gain should ABC corporation recognize?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M958751

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