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Topper Corporation makes a liquidating distribution of land to its sole shareholder Tonya.Topper purchased the land several years ago for $150,000,and the land was recently appraised at $120,000 of value.Tonya purchased her stock three years ago for $65,000.What is the amount of gains or losses recognized by Topper Corporation and Tonya?
Indemnity
The concept that distinguishes a contract of insurance from a wager.
Utmost Good Faith
A principle of insurance contracts that requires all parties to act honestly and not mislead or withhold critical information from one another.
Insurable Interest
An interest that would result in a loss on the occurrence of the event.
Insurance Policy
A contract between an insurer and policyholder specifying the claims the insurer is legally required to pay.
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