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What is the shareholders basis in the property received

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Question

Global Corporation distributed property with an $741,000 fair market value and a $407,550 adjusted basis to one of its shareholders. The property was subject to a $224,153 mortgage, which the shareholder assumed. Global has ample E & P to cover any distribution made during the year.

What is the amount of the shareholder's dividend income on the distribution?

What is the shareholder's basis in the property received?

Reference no: EM132385810

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