### What is marys basis in the real property

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##### Reference no: EM13124454

Mary received a liquidating distribution from ABC Corporation as part of the complete liquidation of ABC Corporation. Mary's basis for her ABC Corporation stock was \$10,000. In exchange for her stock, Mary received a payment of \$15,000 and real property that had an adjusted basis to ABC Corporation of \$10,000, a fair market value of \$25,000, and that was encumbered by a \$12,000 mortgage which Mary assumed. How much gain did Mary recognize as a result of this transaction and what is Mary's basis in the real property ?

a. \$3,000 gain recognized, and basis of \$40,000.
b. \$18,000 gain recognized, and basis of \$40,000.
c. \$30,000 gain recognized, and basis of \$10,000.
d. \$42,000 gain recognized, and basis of \$25,000.
e. none of the above.

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