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Global Corporation Distributes Property with a Basis of $22,000 and a Fair

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Global Corporation distributes property with a basis of $22,000 and a fair market value of $30,000 to Arturo in complete liquidation of the corporation. Arturo's basis in the stock is $14,000. What must Arturo and Global report as income upon the liquidation of Global? Arturo Global Global Corporation distributes property with a basis of $22,000 and a fair market value of $30,000 to Arturo in complete liquidation of the corporation. Arturo's basis in the stock is $14,000. What must Arturo and Global report as income upon the liquidation of Global? Arturo Global

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