Katarina transferred her 10 percent interest to spartan, Financial Accounting

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Katarina transferred her 10 percent interest to spartan

Katarina transferred her 10 percent interest to Spartan Company as part of a complete liquidation of the company. In the exchange, she received land with a fair market value of $200,000. Katarina's basis in the Spartan stock was $100,000. The land had a basis to Spartan Company of $50,000. What amount of gain does Spartan recognize in the exchange.

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Financial Accounting: Katarina transferred her 10 percent interest to spartan

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Financial Accounting: Katarina transferred her 10 percent interest to spartan

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