Question: A Corp (a "C" corporation) has a sole shareholder, K. K has 1000 shares of A Corp stock, basis = $30000. A distributes the following assets in complete liquidation of the corp. to K:
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A's Basis
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FMV
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Land
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20000
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30000
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Inventory
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4000
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14000
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Machinery
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10000
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20000
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Required: Calculate the gain recognized by A on the distribution, K's basis in the assets received, and any gain/loss recognized by K on the distribution.
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