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Mario Receives a Liquidating Distribution of Land with a Fair

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Mario receives a liquidating distribution of land with a fair market value of $19,000 and a basis of $15,000 from Blithe Corporation, an S corporation. Mario's basis in the stock is $21,000. What must Mario and Blithe report as income loss) from the property distribution? Mario receives a liquidating distribution of land with a fair market value of $19,000 and a basis of $15,000 from Blithe Corporation, an S corporation. Mario's basis in the stock is $21,000. What must Mario and Blithe report as income loss) from the property distribution?

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