Pursuant to a complete liquidation, Carrot Corporation distributes to its shareholders real estate held as an investment (basis of $1,062,400, fair...
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Pursuant to a complete liquidation, Carrot Corporation distributes to its

shareholders real estate held as an investment (basis of $1,062,400, fair market value of $1,381,120).


b.  Determine the gain or loss recognized by Carrot on the distribution if the real estate is subject to a liability of $1,168,640.

If the real estate is subject to a liability of $1,168,640, Carrot has a recognized gain of ?

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