The stock of Mulberry Corporation is owned by Archana (60%) and Anar (40%), who are mother and daughter. Pursuant to a plan of complete liquidation adopted earlier in the current year, Mulberry distributes land worth $1,364,000 to Anar (basis of $218,240 in Mulberry stock). The land was purchased by Mulberry Corporation three years ago for $1,773,200, and it is distributed subject to a liability of $1,091,200.
What amount of gain or loss is recognized by Mulberry Corporation and by Anar with respect to the distribution of the land?
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The stock of Mulberry Corporation is owned by Archana (60%) and Anar (40%), who are mother and daugh...
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