Multiple Choice
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
A) $16,000 $8,000
B) $16,000 $-0-
C) $30,000 $-0-
D) $30,000 $30,000
Correct Answer:
Verified
Correct Answer:
Verified
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