Question: Global Corporation distributed property with an $ 4 4 4 , 0 0 0 fair market value and a $ 2 4 4 , 2

Global Corporation distributed property with an $444,000 fair market value and a $244,200 adjusted basis to one of its shareholders. The property was subject to a $134,310 mortgage, which the shareholder assumed. Global has ample E & P to cover any distribution made during the year.

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