McGraw-Hill's Taxation of Business Entities 3rd Edition by Connie Weaver, Brian Spilker, Edmund Outslay, John Robinson, Ronald Worsham, Benjamin Ayers, John Barrick

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A shareholder receives appreciated noncash property from his corporation and assumes a liability attached to the property. How does this assumption affect the amount of dividend he reports in gross income From the shareholder's perspective, does it matter if the liability he assumes exceeds the property's gross fair market value