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(5) Fred is the sole shareholder of an S corporation in Fort Deposit, Alabama. At...

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Accounting

(5) Fred is the sole shareholder of an S corporation in Fort Deposit, Alabama. At a time when his stock basis is $20,000, the corporation distributes appreciated property worth $100,000 (basis of $20,000). Freds taxable gain is: a. $0. b. $10,000. c. $80,000. d. $100,000. e. None of the above.

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