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In the current year, Dove Corporation (E & P of $1 million) distributes all of its property in a complete liquidation. Alexandra, a shareholder, receives land having a fair market value of $100,000. Dove Corporation had purchased the land as an investment three years ago for $75,000, and the land was distributed subject to a $70,000 liability. Alexandra took the land subject to the $70,000 liability. What is Alexandra's basis in the land?
Blast
A sudden, violent blow or impact, often referring to explosions or powerful gusts of wind, but can also describe the rapid growth and proliferation of cells in a specific context like biology or medicine.
Cidal
A term used in biology and pharmacology to describe agents or substances that kill or destroy, often used in the context of bacteria (bactericidal) or fungi (fungicidal).
Bi-
A prefix meaning two, twice, or double.
Pan-
A prefix meaning "all" or "every," used to indicate inclusiveness or universality.
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