Robot Corporation Is Liquidated, with Marty Receiving Property Having an Adjusted

question 1

Multiple Choice

Robot Corporation is liquidated, with Marty receiving property having an adjusted basis of $60,000 and an FMV of $90,000. The property is subject to an $80,000 mortgage, which Marty assumes. Marty's basis in the Robot stock surrendered is $50,000. Marty must recognize

• A) a $60,000 gain.
• B) no gain or loss.
• C) a $40,000 loss.
• D) none of the above

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