Multiple Choice
Lake City Corporation owns all of the stock in Columbia Corporation. Pursuant to a plan of complete liquidation, Columbia distributes land having a $500,000 FMV and a $200,000 basis to Lake City. Lake City's basis in the land will be
A) 0)
B) $200,000.
C) $500,000.
D) cannot be determined from the facts presented
Correct Answer:
Verified
Correct Answer:
Verified
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