Blush Corporation owns long-term bonds (basis of $1,300,000) of its subsidiary, Brass Corporation, that were...
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Accounting
Blush Corporation owns long-term bonds (basis of $1,300,000) of its subsidiary, Brass Corporation, that were acquired at a discount. Upon liquidation of Brass pursuant to 332, Blush receives a distribution of $1,500,000, the face amount of the bonds.
Determine Blush Corporation's recognized gain or loss on the distribution
Blush has a recognized( ) of $( )
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