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Business, 22.01.2020 22:31 Thejollyhellhound20

Tour corp., which had earnings and profits of $400,000, made a nonliquidating distribution of property to its shareholders during the current year. this property, which had an adjusted basis of $30,000 and a fair market value of $20,000 at date of distribution, did not constitute assets used in the active conduct of tour's business. how much loss did tour recognize on this distribution?

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Tour corp., which had earnings and profits of $400,000, made a nonliquidating distribution of proper...
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