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Brooks Corporation Distributes Property with a Basis of $20,000 and a Fair

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Brooks Corporation distributes property with a basis of $20,000 and a fair market value of $25,000 to Caroline in complete liquidation of the corporation. Caroline's basis in the stock is $32,000. What must Caroline and Brooks report as income loss) upon the liquidation of Brooks? Brooks Corporation distributes property with a basis of $20,000 and a fair market value of $25,000 to Caroline in complete liquidation of the corporation. Caroline's basis in the stock is $32,000. What must Caroline and Brooks report as income loss) upon the liquidation of Brooks?

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