Question: 14- Auto Corporation distributes all of its property in complete liquidation. One of Auto&s shareholders, Lee, receives land having a fair market value of

14- Auto Corporation distributes all of its property in complete liquidation. One

of Auto&s shareholders, Lee, receives land having a fair market value of

14- Auto Corporation distributes all of its property in complete liquidation. One of Auto&s shareholders, Lee, receives land having a fair market value of $14,000 and basis to Auto of $10,000. Lee has a basis in her stock of $15,000. How much gain or loss does Auto recognize from this liquidation? O $ 4,000 gain. O O $10,000 gain. $ 1,000 loss.

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