Global Corporation distributes property with a basis of $22,000 and a fair market value of $30,000 to Arturo in complete liquidation of the corporation. Arturo's basis in the stock is $14,000. What must Arturo and Global report as income upon the liquidation of Global? Arturo Global 
Definitions:
Least of the Evils
A principle involved in decision making that opts for the less harmful or least undesirable option among several bad choices.
Process Philosophy
A philosophical approach that emphasizes becoming, change, and the dynamic nature of reality over static being or existence.
Creating Himself
The philosophical concept of an individual actively shaping their own identity, character, and essence through their choices and actions.
Creationists
Individuals or groups who support creationism, the religious belief that the universe and life originated from specific acts of divine creation.
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