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Business, 13.10.2021 15:50 brryan2751

Robin transferred her 60 percent interest to Cardinal Company as part of a complete liquidation of the company. In the exchange, she received land with a fair market value of $955,000. Robin's basis in the Cardinal stock was $1,012,500. The land had a basis to Cardinal Company of $1,090,000. What amount of loss does Cardinal recognize in the exchange and what is Robin's basis in the land she receives

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