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Question - The stock in Toucan Corporation is held by Tom. Four years ago, Tom transferred property (basis of $220,000, fair market value of $200,000) to Toucan Corporation as a contribution to capital. In the current year and pursuant to a complete liquidation of Toucan, the property is distributed to Tom. At the time of the distribution, the property had a fair market value of $40,000. What amount of loss will Toucan Corporation recognize on the distribution of the property?
a. $0
b. $20,000
c. $160,000
d. $180,000
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