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What are the tax consequences to Oriole on the distribution

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Reference no: EM132662520

Problem - Pursuant to a complete liquidation, Oriole Corporation distributes to its shareholders land held for three years as an investment (adjusted basis of $250,000, fair market value of $490,000). The land is subject to a liability of $520,000.

Required -

a. What are the tax consequences to Oriole Corporation on the distribution of the land?

b. If the land is, instead, subject to a liability of $400,000, what are the tax consequences to Oriole on the distribution?

Reference no: EM132662520

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