The building was subjected to a mortgage of 75000 which jo, Ask an Expert

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In complete liquidation of a corporation, Jo Marsh received a distribution on which she recognized a gain. She received $25,000 in cash and a building having a FMV of 300,000. The building was subjected to a mortgage of $75,000 which Jo assumed. Her basis in the stock she surrendered was $10,000.

1. What is the amount of the gain she must recognize?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M958461

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