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Business, 12.10.2019 00:30 bdionsi7034

Sky corp. was a wholly-owned subsidiary of jet corp. both corporations were domestic c corporations. jet received a liquidating distribution of property in cancellation of its sky stock when jet's tax basis in sky stock was $100,000. the distributed property had an adjusted basis of $135,000 and a fair market value of $250,000. what amount of taxable gain did jet, the parent corporation, recognize on the receipt of the property?

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