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safezone safezone
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Posts: 782
7 years ago
Barnett Corporation owns an office building that cost $900,000. Barnett has taken $600,000 of depreciation on the building. The property is subject to a $600,000 mortgage. The office building has a current FMV of $400,000. Barnett Corporation is liquidated and the office building is distributed to a single individual shareholder who assumes the mortgage. Barnett Corporation must recognize
A) no gain or loss.
B) a $100,000 gain.
C) a $300,000 gain.
D) none of the above
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
Authors:
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That's not philosophy, it's geometry
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RimounRimoun
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Posts: 558
7 years ago
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safezone Author
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7 years ago
Brilliant
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Yesterday
Smart ... Thanks!
wrote...

2 hours ago
Good timing, thanks!
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