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Crow Corporation distributes equipment (basis of $50,000 and fair market value of $110,000) as a...

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Accounting

Crow Corporation distributes equipment (basis of $50,000 and fair market value of $110,000) as a property dividend to its shareholders. The equipment is subject to a liability of $150,000. Crow Corporation recognizes gain of:

a. $50,000.

b. $60,000.

c. $100,000.

d. $150,000.

e. None of the above.

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