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Business, 23.09.2019 23:00 ecarter8967

The stock of kenny corp. is owned equally by two brothers. during 2013, they transferred land (basis of $300,000; fmv of $320,000) as a contribution to capital to kenny corp. during september, 2017, kenny corp. adopted a plan of complete liquidation and subsequently made a pro rata distribution of land back to the brothers. at the time of the liquidating distribution, the land had a fmv of $180,000. what amount of loss can be recognized by kenny corp. on the distribution of land?

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The stock of kenny corp. is owned equally by two brothers. during 2013, they transferred land (basis...
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