Multiple Choice
Fender Corporation makes a cash distribution of $40,000 to Gibson in complete liquidation of the corporation. Gibson's basis in Fender stock is $18,000. What must Gibson report as income from the cash distribution?
A) $- 0 -
B) $18,000
C) $22,000
D) $40,000
Correct Answer:
Verified
Correct Answer:
Verified
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