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What amount of loss will ACME Corporation recognize

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Question - The stock in ACME Corporation is held equally by two sisters. One year before its liquidation, the shareholders transfer property (basis of $500,000, fair market value of $300,000) to ACME Corporation in return for stock. In current year liquidation, ACME Corporation transfers the property (now worth $250,000) pro rata to the sisters. What amount of loss will ACME Corporation recognize on the distribution?

Reference no: EM132493286

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