Multiple Choice
Robot Corporation is liquidated, with Marty receiving property having an adjusted basis of $60,000 and an FMV of $90,000. The property is subject to an $80,000 mortgage, which Marty assumes. Marty's basis in the Robot stock surrendered is $50,000. Marty must recognize
A) a $60,000 gain.
B) no gain or loss.
C) a $40,000 loss.
D) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
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