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R, an individual, purchased all the stock of T Corporation on January 1, 2003 for $20,000.On January 1, 2012, T adopts a plan of liquidation.On January 20, 2012, T sells land with a basis of $60,000 for $45,000.On January 31, 2012, T distributes the $45,000 cash plus its only other asset, FIFO inventory with a basis of $40,000 and a fair market value of $48,000, to R.Which of the following statements is true?
Absolute Change
The difference between the final value and the initial value of a quantity, without regard to the direction of change.
Price Level
A summary average of current prices for the full spectrum of goods and services in the economy.
Consumer Price Index
An index of the variation in prices paid by typical consumers for retail goods and other items.
GDP Deflator
A measure of the price level of all domestically produced goods and services in an economy, used to adjust nominal GDP to real GDP.
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