U Pick Fruit Corp. a C Corporation, was formed many years ago as a you...
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U Pick Fruit Corp. a C Corporation, was formed many years ago as a you pick farm where customers can pick various types of fruits fresh from the source Strawberry owned 500 out of 1,000 shares of common stock of U-Pick Fruit Corp. Her basis in the stock was $16.500.000. U-Pick Fruit Corp. liquidated, and in the process, after the corporation paid all of its debts, it distributed to Strawberry the following assets; $33 million in cash, and Berryacre, a parcel of real estate previously used in its trade or business (U-Pick Fruit's adjusted banis in Berryacre was $49.500.000 and the tal market value at date of distribution was $165.000.000). How much pain (loss) does Strawberry recognize due to these transactions? $181.500.000 $132.000.000 5148 500.000 $115.500.000
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