At the end of 2023, Johnson Inc. (an S corporation) liquidates by distributing long-term capital gain property

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At the end of 2023, Johnson Inc. (an S corporation) liquidates by distributing long-term capital gain property ($40,000FMV, $25,000A/B) to each of its four equal shareholders ($160,000FMV, $100,000A/B). At the time of the distribution, Andrew has a basis of $15,000 in his Johnson Inc. stock. How much total gain or loss does Andrew recognize on the distribution

Posted Date: May 19, 2024 03:15 AM

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At the end of 2023, Johnson Inc. (an S corporation) liquidates by distributing long-term capital gain property

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