Question: Global Corporation distributed property with a $ 8 5 0 , 0 0 0 fair market value and $ 4 1 5 , 0 0

Global Corporation distributed property with a $

850, 000

fair market value and $

415, 000

adjusted basis to one of its shareholders. The property was subject to a $

230, 000

mortgage, which the shareholder aGlobal Corporation distributed property with a $

850, 000

fair market value and $

415, 000

adjusted basis to one of its shareholders. The property was subject to a $

230, 000

mortgage, which the shareholder assumed. Global has ample E & P to cover any distribution made during the year.ssumed. Global has ample E & P to cover any distribution made during the year..

If an amount is zero, enter

" 0 " .

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