1. 1. In the current year, Orion Corporation (E & P of $2 million)...
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Accounting
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1. In the current year, Orion Corporation (E & P of $2 million) distributes all of its property in a complete liquidation. Allie, a shareholder, receives land having a fair market value of $300,000. Orion Corporation had purchased the land as an investment three 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. What is Allie's basis in the land?
a.) $200,000
b.) $250,000
c.) $50,000
d.) $300,000
e.) None of the above
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