Question: Exercise 8-11 (Algorithmic) (LO. 7) Gaston Corporation distributes 1245 property as a dividend to its shareholders. The property's fair market value is $771,600, and

Exercise 8-11 (Algorithmic) (LO. 7) Gaston Corporation distributes 1245 property as a

Exercise 8-11 (Algorithmic) (LO. 7) Gaston Corporation distributes 1245 property as a dividend to its shareholders. The property's fair market value is $771,600, and the adjusted basis is $733,020. In addition, the amount of the recapture potential is $73,302. What is the amount and character of Gaston's gain or loss? As result of the distribution, Gaston recognizes $ of

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