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Corporation k distributed land used in its business to shareholder in redemption of some of its outstanding stock at the time of the distribution the...

Corporation k distributed land used in its business to shareholder in redemption of some of its outstanding stock at the time of the distribution the land had an adjusted basis to k of 200000 and a fmv of 500000. Corporations k must recognize how much gain

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60000 reduction

300000 reduction

40000 reduction

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