Question: Enter problem statement appropriate input type, and other instructions here ABC Corporation (ABC owns 90% of the single class of stock in Subsidiary Corporation The
Enter problem statement appropriate input type, and other instructions here ABC Corporation (ABC owns 90% of the single class of stock in Subsidiary Corporation The other 10% is owned by Rosie an individual ABC basiinit Subsidiary stock is $ 200.000 and Rosie's basis is 590,000. Subsidiary distributes property A having an adjusted basis of $150,000 and an FMV of $720,000 to ABC, and property with a FMV of $20,000 and an adjusted basis of $60.000 to Roble in a liquidating distribution Subsidiary had $10 million of earnings and profits the date of liquidation What gain or los must Subsidiary recognize on the liquidating distribution ? OA $20,000 gain on Property OB. No gain on the Property Aor OC. 20,000 gain on Property and $570,000 gain on Property A OD 5670.000 gain on Property A
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