Gaston Corporation distributes 1245 property as a dividend to its shareholders. The propertys fair...
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Accounting
Gaston Corporation distributes 1245 property as a dividend to its shareholders. The propertys fair market value is $580,000, and the adjusted basis is $560,000. In addition, the amount of the recapture potential is $55,000. What is the amount and character of Gastons gain or loss? As result of the distribution, Gaston recognizes $ ??? of ordinary income .
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