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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?
Yea-Sayers
Individuals who tend to agree with or affirm propositions or ideas without critical examination.
Naysayers
Individuals who are often negative or skeptical about ideas and refuse to believe in the possibility of success.
Specialized Cells
Cells that have developed unique characteristics and functions to perform specific tasks within an organism.
Sensory Neurons
Nerve cells responsible for converting external stimuli from the environment into internal electrical impulses for the brain to interpret.
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