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Global Corporation distributed property with an $713,500 fair market value and a $392,425 adjusted basis...

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Accounting

Global Corporation distributed property with an $713,500 fair market value and a $392,425 adjusted basis to one of its shareholders. The property was subject to a $215,834 mortgage, which the shareholder assumed. Global has ample E & P to cover any distribution made during the year.

What is the amount of the shareholder's dividend income on the distribution?

What is the shareholder's basis in the property received?

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