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Alabama Corporation, an S corporation, liquidates this year by distributing a parcel of land to...

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Alabama Corporation, an S corporation, liquidates this year by distributing a parcel of land to its sole shareholder, Mark Ingram. The fair market value of the parcel is $59,350 and its tax basis is $36,600. Mark's basis in his stock is $29,950. Problem 22-74 Part a a. What amount of gain or loss, if any, does Alabama Corporation recognize on the distribution? ain recognized

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