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| Salon, Inc. distributed cash and personal property to its sole shareholder. Using the following facts, determine the amount of gain that would be recognized by Salon, Inc. as the result of making the distribution to its shareholder? Item Amount Cash $20,000 Personal property: Fair market value 6,000 Adjusted basis 3,000 Liability on property assumed by shareholder 10,000 A. $ 3,000 B. $ 4,000 C. $ 7,000 D. $23,000 |
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