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QUESTION
Cubs Inc. was completely liquidated. In the exchange for his 20 percent interest, Ross received land with a fair market value of $200,000. Ross's...
Cubs Inc. was completely liquidated. In the exchange for his 20 percent interest, Ross received land with a fair market value of $200,000. Ross's basis in the Cubs stock was $100,000. The land had a basis to Cubs Inc. of $50,000. What amount of gain does Ross recognize in the exchange and what is his basis in the land he receives?
