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Under Illinois Corporation's plan of liquidation, the corporation distributes land to one of its shareholders, Springer. The land, which is used in Illinois trade or business, has a $20,000 adjusted basis and a $60,000 FMV on the distribution date. What are the tax consequences of this distribution to Illinois and Springer?
Explicit Memories
Memories of facts and experiences that an individual can consciously recall and describe.
Implicit Memories
Implicit memories are memories that influence our thoughts and behaviors without our conscious awareness, including skills and tasks learned through repetition.
Explicit Memory
The conscious recollection of information, such as facts and events, which can be verbally communicated.
Knit
The craft of creating fabric or textile by interlocking loops of yarn using needles.
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