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U-Pick Fruit Corp., a C Corporation, was formed many years ago as a "you pick"...

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Accounting

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U-Pick Fruit Corp., a C Corporation, was formed many years ago as a "you pick" farm where customers can pick various types of fruits fresh from the source. Strawberry owned 500 out of 1,000 shares of common stock of U-Pick Fruit Corp. Her basis in the stock was $2,000,000. U-Pick Fruit Corp. liquidated, and in the process, after the corporation paid all of its debts, it distributed to Strawberry the following assets: - \$4 million in cash, and - Berryacre, a parcel of real estate previously used in its trade or business (U-Pick Fruit's adjusted basis in Berryacre was $6,000,000 and the fair market value at date of distribution was $20,000,000). How much gain (loss) does U-Pick Fruit Corp. recognize due to these transactions? $14,000,000 $16000000 $22,000,000 $18,000.000

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