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Ch. 19 question 53 parts e & f. Assume Tiffany owns 40% of the ROF stock and Ca

Ch. 19 question 53 parts e & f. Assume Tiffany owns 40% of the ROF stock and Ca

Ch. 19 question 53 parts e & f. Assume Tiffany owns 40% of the ROF stock and Carlos owns 60%. Tiffany will receive $160,000 in the liquidation & Carlos
will receive the land & building plus $40,000. e) What amount of gain or loss does ROF recognize in the complete liquidation? f) What amount of gain or loss
does Carlos recognize in the complete liquidation? Given: FMV Tax Adjusted Basis Appreciation (Depreciation) Cash $200,000 $200,000 Building 50,000 10,000 $40,000
Land 150,000 200,000 (50,000) Total $400,000 $410,000 $(10,000)

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