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D Question 9 2 pts U-Pick Fruit Corp., a C Corporation was formed many years...

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D Question 9 2 pts U-Pick Fruit Corp., a C Corporation was formed many years ago as a "you pick" farm where customers can pick various types of fruits fresh from the source. Strawberry owned 500 out of 1,000 shares of common stock of U-Pick Fruit Corp. Her basis in the stock was $9,500,000. U-Pick Fruit Corp. liquidated, and in the process, after the corporation paid all of its debts, it distributed to Strawberry the following assets: $19 million in cash, and Berryacre, a parcel of real estate previously used in its trade or business (U-Pick Fruit's adjusted basis in Berryacre was $28,500,000 and the fair market value at date of distribution was $95,000,000). How much gain (loss) does U-Pick Fruit Corp. recognize due to these transactions? $66,500,000 O $104,500,000 $85,500,000 $76,000,000

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