In the current year, Dove Corporation (E&P of $1 million) distributes all of its property...
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In the current year, Dove Corporation (E&P of $1 million) distributes all of its property in a complete liquidation. Alexandra, a shareholder, receives land having a fair market value of $200,000. Dove Corp. had purchased the land as an investment three years ago for $125,000, and the land was distributed subject to a $100,000 liability. Alexandra took the land subject to the $100,000 liability. What is Alexandra's basis in the land?
a. $0
b. $100,000
c. $125,000
d. $200,000
e. None of the above
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