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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