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Lake Corporation distributes a building used in its business to Sandy in exchange for all of her Lake stock. Sandy's basis in her stock is $30,000 and the property she receives has a $90,000 FMV. As part of the distribution, Sandy assumes a liability associated with the property of $65,000. The property's basis prior to the liquidating distribution was $25,000. What are the tax consequences of the distribution to Sandy? To Lake Corporation?
Blame-free Environment
A culture that focuses on problem-solving rather than assigning fault, encouraging open communication and learning.
Angela Lee Duckworth
A psychologist recognized for her studies on persistence and determination as crucial elements for success.
Talent and Achievement
The combination of natural abilities and hard work leading to significant accomplishments.
Entrepreneurial Intentions
The determination and desire to create a new business venture.
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