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Business, 28.12.2019 06:31 ewaltz74

Packard corporation transferred its 100 percent interest to state company as part of a complete liquidation of the company. in the exchange, packard received land with a fair market value of $507,500. packard's basis in the state stock was $772,500. the land had a basis to state company of $630,000. what amount of loss does state recognize in the exchange and what is packard's basis in the land it receives?

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