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## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

Mark receives a liquidating distribution from Arosa Corporation as part of a redemption of all of its stock. Mark's basis for his Arosa stock is \$10,000. In exchange for his stock, Mark receives property with a \$10,000 basis and a \$25,000 fair market value that is subject to a \$12,000 mortgage, and also receives cash of \$15,000. What is Mark's recognized gain?

a. \$42,000

b. \$30,000

c. \$18,000

d. \$3,000

Accounting Basics, Accounting

• Category:- Accounting Basics
• Reference No.:- M938766

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