R industries inc. distributed to its sole shareholder pablo, Ask an Expert

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R Industries, Inc. distributed to its sole shareholder, Pablo , $7,000 in cash, a motor vehicle with an adjusted basis of $3,000 and a fair market value of $18,000, and equipment with a fair market value of $4,000 but subject to a $2,500 liability. What is the amount of the distribution?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M939213

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