Question: on Enter problem statement, appropriate input type, and other instructions here. Parent Corporation owns 80 % of subsidiary Corporation and Debble owns 20 %

on Enter problem statement, appropriate input type, and other instructions here. Parent

on Enter problem statement, appropriate input type, and other instructions here. Parent Corporation owns 80 % of subsidiary Corporation and Debble owns 20 % of Subsidiary Corporation. Parent's basis in Subsidiary shares is $500,000 and Debbie's basis in Subsidiary shares is $20,000. In a liquidating distribution, Parent Corporation receives a capital asset with a fair market value of $800,000 and a tax basis of $200,000. Debbie receives a capital asset with a fair market value of $200,000 and a tax basis of $90,000. As a result of these distributions, Subsidiary Corporation recognizes OA Capital gain of $600,000 OB. No capital gain OC. Capital gain of $710,000 OD. Capital gain of $110,000

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