Under a Plan of Complete Liquidation,Key Corporation Distributes Land (Not

question 72

Multiple Choice

Under a plan of complete liquidation,Key Corporation distributes land (not a disqualified property) with an adjusted basis of $410,000 and an FMV of $300,000 for all Sharon's stock.Sharon's basis in her 5% interest in the Key stock is $250,000.Find Sharon's basis in the land and Key Corporation's recognized gain or loss.

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