Global Corporation distributed property with an $746,500 fair market value and a $410,575 adjusted basis...
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Global Corporation distributed property with an $746,500 fair market value and a $410,575 adjusted basis to one of its shareholders. The property was subject to a $225,816 mortgage, which the shareholder assumed. Global has ample E & P to cover any distribution made during the year.
What is the amount of the shareholders dividend income on the distribution? $_____
What is the shareholders basis in the property received? $____
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