Texas Corporation Is Undergoing a Complete Liquidation and Distributes Land

question 11

Multiple Choice

Texas Corporation is undergoing a complete liquidation and distributes land to Robert, one of its shareholders, in exchange for all of Robert's stock. The land has a basis of $300,000 and an FMV of $400,000 on Texas Corporation's books and is subject to a $325,000 liability. Robert assumes the liability on the property. Robert's basis in his Texas Corporation stock is $100,000. What is the amount of gain or loss recognized by Robert on the distribution?

• A)$175,000 gain
• B)$25,000 gain
• C)$25,000 loss
• D)No gain or loss is recognized.

Identify the significance of first impressions and models describing their formation.

Understand cognitive concepts like cognitive consistency, cognitive algebra, and their role in social psychology.

Gain awareness of the impact of technological and conceptual revolutions on the development of cognitive studies in psychology.

Distinguish between different kinds of cognitive representations such as schemas, stereotypes, and prototypes.

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Definitions:

Inspection

The act of examining something visually to assess its condition or to detect the presence of abnormalities.

Stethoscope Use

The practice of utilizing a stethoscope to listen to the internal sounds of the body, such as the heart and lungs.

Tubing Length

Refers to the length of a tube used in medical settings, such as those for IV lines or catheters, important for proper fluid flow and patient mobility.