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Cookies Corporation distributed land to its sole shareholder. On the date of distribution, the land had a fair market value of $85,000 and an adjusted basis to Cookies of $42,000. What is the amount of Cookies' gain on the distribution?

a. $0

b. $42,000

c. $43,000

d. $85,000

Accounting Basics, Accounting

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  • Reference No.:- M938754

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