Multiple Choice
Riverwalk Corporation is liquidated, with Juan receiving $5,000 in money, other property having a $6,000 FMV, and a $1,000 mortgage on the property. Juan's basis in his River walk stock is $8,000. Upon liquidation, Juan must recognize a gain of
A) $3,000.
B) 0.
C) $2,000.
D) $11,000.
Correct Answer:
Verified
Correct Answer:
Verified
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