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Blue Corporation distributes property to its sole shareholder, Zeke. The property has a fair market value of $450,000, an adjusted basis of $305,000....

Blue Corporation distributes property to its sole shareholder, Zeke. The property has a fair market value of $450,000, an adjusted basis of $305,000. With respect to the distribution, Blue has a gain of:
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Accounting-8090766.xls

Solution
Fair Market Value of Property=
Less : Adjusted Basis of Property=
Gain to Blue Corp $450,000
$305,000
$145,000

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