Gould Corporation distributes land (a capital asset)worth $90,000 to Gerry, a shareholder. The land has a $30,000 basis to Gould. What is the amount and character of the gain or loss recognized by Gould?

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The Answer of Gould Corporation distributes land (a capital asset)worth $90,000 to Gerry, a shareholder. The land has a $30,000 basis to Gould. What is the amount and character of the gain or loss recognized by Gould?

Gould Corporation Distributes Land (A Capital Asset)worth $90,000 to Gerry