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In a complete liquidation, the company distributes to its shareholders land held for three years as an investment. The adjusted basis of the land at the time the distribution was $250,000 and its FMV was $490,000. What are the tax consequences to the corporation if the land was subject to a liability of $400,000?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M958815

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