in the present year orion corporation e amp p of, Cost Accounting

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in the present year orion corporation e amp p of

In the present year, Orion Corporation (E & P of $2 million) distributes all of its property in a total liquidation. Allie, a shareholder, receives land having a fair market value of $300,000. Orion Corporation had purchased the land as an investment 3 years ago for $250,000, and the land was distributed subject to a $100,000 liability. Allie took the land subject to the $100,000 liability. Evaluate what is Allie's basis in the land?

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Cost Accounting: in the present year orion corporation e amp p of

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Cost Accounting: in the present year orion corporation e amp p of

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