Amazon Corporation distributes equipment (basis of $80,000 and fair market value of $100,000) as a property dividend to its shareholders. The equipment is subject to a liability of $120,000. Amazon Corporation recognizes gain of: a. $0 b. $20,000. c. $30,000. d. $40,000. e. None of the choices.
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Amazon Corporation distributes equipment (basis of $80,000 and fair market value of $100,000) as a property dividend to its shareholders. The equipment is subject to a liability of $120,000. Amazon Corporation recognizes gain of:
a. $0
b. $20,000.
c. $30,000.
d. $40,000.
e. None of the choices.
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