Tank Corp., which had earnings and profits of $500,000, made a nonliquidating distribution of property...
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Tank Corp., which had earnings and profits of $ made a nonliquidating distribution of property to its shareholders in as a dividend in kind. This property, which had an adjusted basis of $ and a fair market value of $ at the date of distribution, did not constitute assets used in the active conduct of Tanks business. How much gain did Tank recognize on this distribution? $ $ $ $
Tank Corp., which had earnings and profits of $ made a nonliquidating distribution of property to its shareholders in as a dividend in kind. This property, which had an adjusted basis of $ and a fair market value of $ at the date of distribution, did not constitute assets used in the active conduct of Tanks business. How much gain did Tank recognize on this distribution?
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