please show all work and explanations 20. Under a plan of complete liquidation,...
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20. Under a plan of complete liquidation, Nuha Corporation distributes land (not a disqualified property) with an adjusted basis of $250,000 and an FMV of $200,000 for all Hosain's stock. Hosain's basis in his 12% interest in the Nuha stock is $250,000. Find Husain's basis in the land and Nuha Corporation's recognized gain or loss. A) Basis Recognized Gain/Loss $200,000 $50,000 gain B Basis Recognized Gain/Loss $200,000 $50,000 loss C) Basis Recognized Gain/Loss $250,000 $50,000 gain D) Basis Recognized Gain/Loss $250,000 $50,000 loss
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