Magenta corporation acquired land in a § 351 exchange one year ago. the land had a basis of $320,000 and a fair market value of $350,000 on the date of the transfer. magenta corporation has two shareholders, mark (70%) and megan (30%), who are brother and sister. magenta corporation adopts a plan of liquidation in the current year. on this date, the land has decreased in value to $250,000. magenta corporation sells the land for $250,000 and distributes the proceeds pro rata to mark and megan. what amount of loss may magenta corporation recognize on the sale of the land?
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Magenta corporation acquired land in a § 351 exchange one year ago. the land had a basis of $320,000...
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